What recession? Paccar posts record Q2 sales and earnings

Red Peterbilt 579 crossing bridge

Paccar Inc. defied dour economic projections for the near-term economy, posting record second-quarter revenue and income on the back of strong margins, increased deliveries of recently revamped models and profit on its parts business.

Practically everything clicked in Q2 as the Belleveuve, Washington-based manufacturer crushed analyst estimates, Earnings per share of $2.07 beat the consensus by 23 cents. Revenue of $7.16 billion was $590 million more than expected.

Paccar (NASDAQ: PCAR) the parent company of Kenworth Trucks, Peterbilt Motors and Europe’s DAF Trucks, delivered 46,900 units in the quarter. Kenworth and Peterbilt’s Class 8 retail sales market share is 29.4% year to date, trailing only market leader Daimler Truck North America.

Paccar earned net income of $720.4 million, up 45% compared with $495.5 million in the same period a year ago. Net sales and financial services revenues were $7.16 billion, compared to $5.84 billion in Q2 2021. Gross margin was 14.4% compared to 13.5% a year ago.

Parts revenues were $1.43 billion, generating pretax income of $353.3 million, 32% higher than the $266.8 million earned in the same period last year. Paccar Financial Services posted pretax income of $144.4 million.

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