PACCAR(PCAR) - 2024 Q1 - Quarterly Results

Financial Performance - PACCAR reported quarterly revenues of $8.74 billion in Q1 2024, up from$8.47 billion in Q1 2023, representing a 3.2% increase[2] - Net income for Q1 2024 was $1.20 billion ($2.27 per diluted share), compared to $733.9 million ($1.40 per diluted share) in Q1 2023, marking a significant increase[2] - Total sales and revenues for Q1 2024 reached $8,744.3 million, a 3.2$8,473.3 million in Q1 2023[26] - The company reported a pretax profit of $1,534.5 million, significantly higher than$919.0 million in the same quarter last year[26] - Investment income and other contributed $83.2 million, a recovery from a loss of$562.7 million in the previous year[26] Revenue Breakdown - Truck sales contributed $6,541.0 million, up from$6,413.8 million, while parts sales increased to $1,675.9 million from$1,623.0 million[26] - PACCAR Parts achieved record revenues of $1.68 billion in Q1 2024, up from$1.62 billion in the same period last year, with pre-tax income rising to $455.8 million from$438.6 million[4][9] - Revenue from the United States and Canada increased to $5,674.6 million, up from$5,040.1 million, while European revenue decreased to $1,805.0 million from$2,275.5 million[28] Market Share and Deliveries - PACCAR's Class 8 truck market share in North America increased to 30.3% in Q1 2024, up from 29.5% in the same period last year[5] - DAF Brasil achieved a record market share of 10.7% in the above 16-tonne truck market in Q1 2024, compared to 8.6% in Q1 2023[8] - New truck deliveries in the United States and Canada rose to 29,500 units, compared to 26,000 units in Q1 2023, while deliveries in Europe decreased to 11,600 units from 17,400 units[30] Operational Cash Flow - Cash provided by operations was $1.47 billion in Q1 2024, compared to$684.8 million in Q1 2023, indicating strong operational cash flow[4][24] Investments and Expenditures - The company invested $164.3 million in capital projects and$105.5 million in R&D expenses during Q1 2024, with projected capital expenditures for 2024 estimated between $700-$750 million[14] - The company anticipates investing $600-$900 million in a joint venture for advanced battery cell manufacturing, with production expected to start in 2027[14] Adjusted Financial Metrics - Adjusted net income for Q1 2023 was $1,180.3 million, excluding a$600.0 million charge related to EC claims, compared to a net income of $733.9 million[34] - Adjusted net income per diluted share for Q1 2023 was$2.25, compared to $1.40 for net income[34] Non-Recurring Charges - The company recorded a non-recurring charge of$600.0 million related to civil litigation in Europe, impacting overall financial results[30] Financial Services Performance - PACCAR Financial Services reported pretax income of $113.9 million in Q1 2024, down from$148.8 million in Q1 2023, while revenues increased to a record $509.3 million from$423.2 million[13] Strategic Focus - The overall market expansion strategy continues to focus on increasing truck deliveries and enhancing financial services offerings[30]