PACCAR Inc. Earnings Cheat Sheet: Five Straight Quarters of Double-Digit Growth
S&P 500 (NYSE:SPY) component PACCAR Inc. (NASDAQ:PCAR) reported higher profit for the second quarter as revenue showed growth. PACCAR Inc. is a technology company that designs and manufactures light, medium and heavy duty commercial trucks and related aftermarket parts. Ford Motor Company Earnings Cheat Sheet: Booking a Profit Again>>
PACCAR Earnings Cheat Sheet for the Second Quarter
Results: Net income for the vehicles company rose to $239.7 million (65 cents per share) vs. $99.6 million (27 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Revenue: Rose 61% to $3.7 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: PCAR fell short of the mean analyst estimate of 68 cents per share. It beat the average revenue estimate of $3.6 billion.
Quoting Management: “PACCAR reported improved revenues and net income for the second quarter of 2011,” said Mark Pigott, chairman and chief executive officer. “PACCAR’s results reflect the benefits of stronger truck sales in North America and Europe and an improvement in aftermarket parts sales and financial services worldwide. Strong worldwide truck industry demand and a robust increase in truck build rates have created challenges for some suppliers. PACCAR is working closely with its suppliers to increase their production capacity in the next several months,” Pigott added.
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 38.7%, with the biggest boost coming in the most recent quarter when revenue rose 50.3% from the year earlier quarter.
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose more than twofold and in the fourth quarter of the last fiscal year, the figure rose more than threefold.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 53 cents versus a mean estimate of net income of 49 cents per share.
Competitors to Watch: Navistar Intl. Corp. (NYSE:NAV), Wabash National Corp. (NYSE:WNC), Federal Signal Corporation (NYSE:FSS), Arctic Cat Inc. (NASDAQ:ACAT), Ford (NYSE:F), General Motors (NYSE:GM), Toyota (NYSE:TM), Cummins Inc. (NYSE:CMI), and Tata Motors Limited (NYSE:TTM).
(Source: Xignite Financials)