[Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) PACCAR reported strong 2024 financial results, the second-best in company history, driven by new truck models, record PACCAR Parts performance, and solid Financial Services results Q4 and Full-Year 2024 Financial Performance vs. 2023 | Metric | Q4 2024 | Q4 2023 | YoY Change | FY 2024 | FY 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues (USD)** | $7.91B | $9.08B | -12.9% | $33.66B | $35.13B | -4.2% | | **Net Income (USD)** | $872.0M | $1.42B | -38.6% | $4.16B | $4.60B | -9.6% | | **Diluted EPS (USD)** | $1.66 | $2.70 | -38.5% | $7.90 | $8.76 | -9.8% | - The 2023 full-year results included a **$446.4 million** after-tax, non-recurring charge related to civil litigation in Europe[2](index=2&type=chunk) - Key business highlights for 2024 include achieving the **86th consecutive year of net income**, delivering **185,300 vehicles** worldwide, launching Amplify Cell Technologies, and opening a new PACCAR Parts Distribution Center in Massbach, Germany[5](index=5&type=chunk) Full Year 2024 Financial Highlights | Highlight | Value | | :--- | :--- | | Consolidated Revenues (USD) | $33.66 billion | | Net Income (USD) | $4.16 billion | | After-tax Return on Revenues | 12.4% | | Record PACCAR Parts Revenue (USD) | $6.67 billion | | Record PACCAR Parts Pretax Income (USD) | $1.71 billion | | Cash Provided by Operations (USD) | $4.64 billion | | Capital Projects and R&D Investment (USD) | $1.25 billion | [Shareholder Returns](index=1&type=section&id=Shareholder%20Returns) PACCAR demonstrated a strong commitment to shareholder returns in 2024, declaring total cash dividends of $4.17 per share and increasing its regular quarterly cash dividend - Total cash dividends of **$4.17 per share** were declared during 2024, which included a special year-end dividend of **$3.00 per share**[3](index=3&type=chunk) - In December 2024, PACCAR increased its regular quarterly cash dividend by **10%** to **33 cents per share**, payable in March 2025[3](index=3&type=chunk) [Segment and Market Analysis](index=3&type=section&id=Segment%20and%20Market%20Analysis) [Global Truck Markets](index=3&type=section&id=Global%20Truck%20Markets) PACCAR achieved a strong 30.7% retail sales market share for Class 8 trucks in the U.S. and Canada in 2024, projecting slightly softer but robust market conditions for 2025 - Kenworth and Peterbilt achieved a **30.7%** retail sales market share for Class 8 trucks in the U.S. and Canada in 2024[8](index=8&type=chunk) Truck Market Size and Forecast (Above 16-tonne) | Region | 2024 Industry Sales (units) | 2025 Industry Forecast (units) | | :--- | :--- | :--- | | U.S. & Canada (Class 8) | 268,000 | 250,000 - 280,000 | | Europe | 316,000 | 270,000 - 300,000 | | South America | 119,000 | 115,000 - 125,000 | - Market drivers include steady demand from infrastructure spending for vocational trucks and good performance in the less-than-truckload (LTL) segment[8](index=8&type=chunk) [PACCAR Parts](index=4&type=section&id=PACCAR%20Parts) The PACCAR Parts division achieved record annual revenues and pretax profits in 2024, driven by an expanding connected vehicle population and strategic distribution network investments PACCAR Parts Financial Performance | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues (USD)** | $1.67B | $1.61B | $6.67B | $6.41B | | **Pretax Income (USD)** | $428.2M | $432.4M | $1.71B | $1.70B | - Annual revenues were a record **$6.67 billion**, a **4%** increase from 2023[12](index=12&type=chunk) - Long-term growth is supported by the growing population of connected PACCAR vehicles with PACCAR MX engines and investments in new parts distribution centers (PDCs) and dealer programs[12](index=12&type=chunk) [PACCAR Financial Services (PFS)](index=4&type=section&id=PACCAR%20Financial%20Services%20(PFS)) PACCAR Financial Services delivered good annual results in 2024, supported by strong portfolio quality, revenue growth, and excellent access to debt markets PACCAR Financial Services Performance | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues (USD)** | $544.3M | $484.8M | $2.10B | $1.81B | | **Pretax Income (USD)** | $104.0M | $113.0M | $435.6M | $540.3M | - PFS has a portfolio of **237,000 trucks and trailers**, with total assets of **$22.41 billion**[15](index=15&type=chunk) - The company's strong A+/A1 credit ratings enabled PFS to issue **$3.65 billion** in medium-term notes during 2024[15](index=15&type=chunk) [Capital Allocation and Future Outlook](index=4&type=section&id=Capital%20Allocation%20and%20Future%20Outlook) [Capital and R&D Investments](index=4&type=section&id=Capital%20and%20R%26D%20Investments) PACCAR continues its strategy of consistent investment in facilities, products, and technology, with $1.25 billion invested in 2024 and similar levels planned for 2025 Capital and R&D Investment Plan | Investment Type | 2024 Actual (USD millions) | 2025 Estimate (USD millions) | | :--- | :--- | :--- | | **Capital Projects** | $796 | $700 - $800 | | **R&D Expenses** | $453 | $460 - $500 | - Over the past decade, PACCAR has invested **$8.6 billion** in new and enhanced facilities, products, and technologies[16](index=16&type=chunk) - The company expects to invest a total project amount of **$600-$900 million** in its battery joint venture, Amplify Cell Technologies[18](index=18&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Summary Statements of Operations](index=6&type=section&id=Summary%20Statements%20of%20Operations) For the full year 2024, total net sales and revenues decreased to $33.66 billion, with net income falling to $4.16 billion, impacted by a prior-year non-recurring charge Full Year Statement of Operations Highlights (USD millions) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | **Total Net Sales and Revenues** | $33,663.8 | $35,127.4 | | Truck, Parts and Other Income Before Taxes | $4,570.6 | $4,885.7 | | Financial Services Income Before Taxes | $435.6 | $540.3 | | **Total Income Before Income Taxes** | $5,400.9 | $5,718.2 | | **Net Income** | $4,162.0 | $4,600.8 | | **Diluted EPS** | $7.90 | $8.76 | [Condensed Balance Sheets](index=7&type=section&id=Condensed%20Balance%20Sheets) PACCAR's balance sheet strengthened as of December 31, 2024, with total assets increasing to $43.42 billion and stockholders' equity growing to $17.51 billion Condensed Balance Sheet Highlights (USD millions) | Line Item | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and marketable securities | $9,649.9 | $8,659.3 | | Total Financial Services Assets | $22,411.5 | $20,963.9 | | **Total Assets** | $43,418.9 | $40,823.4 | | Total Financial Services Liabilities | $17,578.8 | $15,928.8 | | **Total Stockholders' Equity** | $17,506.9 | $15,878.8 | [Condensed Cash Flow Statements](index=8&type=section&id=Condensed%20Cash%20Flow%20Statements) For 2024, PACCAR generated $4.64 billion in cash from operating activities, while cash used in investing activities increased significantly, and financing activities resulted in a net outflow Condensed Cash Flow Statement Highlights (USD millions) | Line Item | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $4,640.9 | $4,190.0 | | Net Cash Used in Investing Activities | ($4,487.3) | ($2,871.0) | | Net Cash (Used in) Provided by Financing Activities | ($123.1) | $1,102.2 | | Net (Decrease) Increase in Cash | ($120.9) | $2,490.8 | | Cash and cash equivalents at end of period | $7,060.8 | $7,181.7 | [Segment and Geographic Information](index=9&type=section&id=Segment%20and%20Geographic%20Information) In 2024, Truck segment revenues declined while Parts revenues grew to a record, with overall new truck deliveries decreasing across North America and Europe Full Year 2024 Revenue by Segment (USD millions) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | Truck | $24,838.4 | $26,846.4 | | Parts | $6,666.4 | $6,414.4 | | Financial Services | $2,099.5 | $1,811.9 | Full Year 2024 Revenue by Geography (USD millions) | Region | 2024 | 2023 | | :--- | :--- | :--- | | United States and Canada | $20,954.4 | $21,222.1 | | Europe | $6,962.6 | $8,741.4 | | Other | $5,746.8 | $5,163.9 | Full Year New Truck Deliveries | Region | 2024 (units) | 2023 (units) | | :--- | :--- | :--- | | United States and Canada | 106,400 | 109,100 | | Europe | 45,400 | 63,200 | | Other | 33,500 | 31,900 | | **Total** | **185,300** | **204,200** | [Supplementary Information](index=10&type=section&id=Supplementary%20Information) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides a non-GAAP reconciliation for 2023, adjusting net income and EPS by excluding a $446.4 million after-tax charge from European civil litigation - The non-GAAP measures for 2023 exclude a pre-tax charge of **$600.0 million** (**$446.4 million** after-tax) for estimable costs related to civil litigation in Europe (EC-related claims)[37](index=37&type=chunk) Reconciliation for Year Ended December 31, 2023 | Metric | GAAP (USD millions) | Adjustment (USD millions) | Non-GAAP (USD millions) | | :--- | :--- | :--- | :--- | | **Net Income** | $4,600.8 | +$446.4 | $5,047.2 | | **Diluted EPS** | $8.76 | +$0.85 | $9.61 |

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, incl ...

The upcoming report from Paccar (PCAR) is expected to reveal quarterly earnings of $1.68 per share, indicating a decline of 37.8% compared to the year-ago period. Analysts forecast revenues of $7.44 billion, representing a decrease of 13.4% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead of a company's e ...

In the latest trading session, Paccar (PCAR) closed at $110.11, marking a -0.2% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.88% for the day. On the other hand, the Dow registered a gain of 1.24%, and the technology-centric Nasdaq increased by 0.65%.The the stock of truck maker has risen by 5.38% in the past month, leading the Auto-Tires-Trucks sector's loss of 0.28% and the S&P 500's gain of 1.17%.The investment community will be closely monitoring the perfo ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Paccar (PCAR) reports results for the quarter ended December 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on January 28, 2025, might help the stock move higher if these key numbers are better than expecta ...

Investors looking for stocks in the Automotive - Domestic sector might want to consider either Paccar (PCAR) or Tesla (TSLA) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revis ...

Get ready. Earnings season is upon us, and we'll have the chance to gauge the last fiscal quarter once again while reading many new annual reports and, most importantly, receiving a whole bunch ofI focus on long term growth and dividend growth investing. I follow both the US and the European stock markets, looking for undervalued stock and/or for high quality dividend growing companies that provide me with cash to reinvest. Over time, I have come to realize that profitability is a much safer driver of gains ...

Group 1 - BofA Securities analyst Michael Feniger upgraded PACCAR Inc. from Neutral to Buy, raising the price forecast to $121.50 from $116 [1] - PACCAR stock underperformed in 2024 due to pricing and production concerns, but is expected to see growth in the truck market in 2025 and 2026 [1][2] - The company is projected to report a new peak EPS of $10.25 in 2026, which is $1 above consensus, as freight conditions improve [3] Group 2 - The truck market is anticipated to balance first among machinery markets due to pre-emptive purchases ahead of emissions changes and stabilizing used truck inventories [2] - Third-party forecasts predict truck builds will decline by 3% in 2025 before rising by 11% to 353.5k units in 2026 [3] - PACCAR's dividend is projected to yield over 5% in 2026, the highest in the sector, providing an attractive return amid rising 10-year yields [4]

Paccar (PCAR) closed at $108.50 in the latest trading session, marking a -0.97% move from the prior day. This move lagged the S&P 500's daily gain of 0.16%. Meanwhile, the Dow experienced a rise of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.06%.The truck maker's shares have seen a decrease of 5.04% over the last month, not keeping up with the Auto-Tires-Trucks sector's loss of 2.03% and the S&P 500's loss of 2.8%.Market participants will be closely following the financial results of Pacc ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, in ...