PACCAR achieves excellent quarterly revenues and profits

October 22, 2024, Bellevue, Washington – “PACCAR achieved excellent revenues and net income in the third quarter of 2024,” said Preston Feight, chief executive officer. “PACCAR’s truck and parts operations delivered strong quarterly sales and profits thanks to our industry-leading trucks and robust aftersales performance. PACCAR Financial Services also delivered good results due to its high-quality portfolio. I am very proud of our employees for producing the highest quality trucks and transportation solutions for our customers.”

PACCAR reported net income of $972.1 million ($1.85 per diluted share) in the third quarter of this year, compared to $1.23 billion ($2.34 per diluted share) for the same period last year. Third quarter revenues were $8.24 billion, compared to $8.70 billion in the third quarter of 2023.

For the first nine months of 2024, PACCAR earned net income of $3.29 billion ($6.25 per diluted share), compared to $3.18 billion ($6.07 per diluted share) in the same period last year, which included a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe. Excluding this non-recurring charge, the adjusted net income (non-GAAP) was $3.63 billion ($6.92 per diluted share) for the first nine months of 2023. Net sales and financial services revenues for the first nine months of 2024 were $25.76 billion, compared to $26.05 billion last year.

Financial Highlights – Third Quarter 2024

Here are some key points from PACCAR’s financial results for the third quarter of 2024:

• Net sales and revenues of $8.24 billion.

• Net income of $972.1 million.

• Global truck deliveries: 44,900 units.

• PACCAR Parts revenues: $1.66 billion.

• PACCAR Parts pretax income: $406.7 million.

• PACCAR Financial Services pretax income: $106.5 million.

• Cash generated from operations: $1.29 billion.

• Stockholders’ equity: $18.66 billion.

Financial Highlights – Nine Months 2024

PACCAR’s financial results for the first nine months of 2024 include:

• Net sales and revenues of $25.76 billion.

• Net income of $3.29 billion.

• PACCAR Parts pretax income: $1.28 billion.

• PACCAR Financial Services pretax income: $331.6 million.

• Capital investments: $567.7 million and R&D expenses: $337.6 million.

• Cash generated from operations: $3.20 billion.

Global Truck Market Performance

Kevin Baney, PACCAR’s senior vice president, said, “Kenworth and Peterbilt’s strong 31.1% market share this year reflects the superior quality and performance of our trucks.” He also noted that infrastructure investments in the U.S. have been beneficial for Kenworth and Peterbilt, particularly due to their leadership in vocational trucks.

Truck markets in Europe and South America also continue to show positive signs, with moderate growth forecasts in the over-16-ton segments.

New Products and Innovations

PACCAR continues to strengthen its position with innovations such as the new DAF models, showcased at the IAA show in Hannover. Peterbilt also launched new UltraLow Roof configurations for car carrier applications, demonstrating its ability to meet market needs.