PACCAR Q1 Earnings Beat Estimates

PACCAR Inc PCAR reported first-quarter FY22 sales growth of 10.6% year-on-year, to $6.47 billion, beating the consensus of $5.91 billion.
Net sales and revenues from Truck, Parts, and Other improved 12.8% to $6.1 billion, and the corresponding gross margins were 13.4%.
Revenues from Financial Services fell 15% to $366.2 million.
Revenue from U.S. and Canada rose 6.4% Y/Y to $3.8 billion, and Europe grew 17.8% to $1.9 billion.
Selling, general and administrative expenses increased 14% Y/Y to $183.7 million.
The company held $3.3 billion in cash and equivalents as of March 31, 2022. Cash provided by operating activities totaled $459.3 million.
EPS of $1.72 beat the analyst consensus of $1.54.
Price Action: PCAR shares are trading lower by 2.66% at $84.05 on the last check Tuesday.

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