PACCAR Q1 Earnings Miss Expectations, Revenues Decline Y/Y

Core Insights - PACCAR Inc. reported earnings of $1.46 per share for Q1 2025, missing the Zacks Consensus Estimate of $1.57 and declining from $2.27 in the same period last year [1] - Consolidated revenues were $7.44 billion, down from $8.74 billion in Q1 2024, with Truck, Parts, and Others sales at $6.91 billion [1] Revenue Breakdown - Truck segment revenues totaled $5.23 billion, lower than $6.54 billion in the prior-year quarter and missing the estimate of $5.43 billion; global truck deliveries were 40,100 units, down from 48,110 units in Q1 2024 [2] - Parts segment revenues were $1.69 billion, slightly up from $1.68 billion year-over-year and matching estimates; pre-tax income was $426.5 million, down from $455.8 million [3] - Financial Services segment revenues reached $528 million, higher than $509.3 million in the year-ago quarter but below the estimate of $553 million; pre-tax income increased to $121.1 million from $113.9 million [4] Expense and Financial Position - Selling, general and administrative expenses decreased to $143.3 million from $147.6 million year-over-year; R&D expenses rose to $115.4 million from $105.5 million [5] - As of March 31, 2025, PACCAR's cash and marketable debt securities totaled $8.1 billion, down from $9.65 billion as of December 31, 2024 [5] Future Outlook - Capital expenditures for 2025 are projected between $700 million and $800 million; R&D expenses are estimated to be in the range of $450 million to $480 million [6]