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PACCAR Inc (NASDAQ:PCAR) shares were launched higher early Tuesday after the maker of Peterbilt, Kenworth, and DAF trucks reported record Q4 sales that exceeded the Street’s expectations.
Fueled by record-setting sales in its truck and parts divisions the company’s revenue topped $9.08B for the quarter, and $35.13B for the year, both all-time highs and well above the consensus estimates of $8.30B and $31.21B, respectively.
“PACCAR’s excellent results reflect record deliveries of premium quality DAF, Peterbilt, and Kenworth trucks worldwide,” PACCAR CEO Preston Feight said in the company’s earnings release.
While the cost of selling 204,200 vehicles worldwide this year took a sizable bite out of the company’s profits, PACCAR earned a record $4.6B in net income, or $2.70 per share, up from $1.76 in the prior year’s quarter, and beating expectations by $0.49 per share.
With additional spending on R&D and new facilities, $1.2B in new debt was realized this quarter. But thanks to increased financing activity, PACCAR raised its cash and cash equivalents by $2.5B.
For 2024, PACCAR expects capital expenditures to be in the range of $700-$750M and R&D expenses between $460-$500M as the company increases its investment in fuel efficient diesel and electric powertrain technologies.
Shares were up 1.3% in Tuesday’s premarket and were set to open near the 52-week high.
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