PACCAR Beats On Q1 Driven By Good Freight Markets & Strong Customer Demand

PACCAR Inc PCAR reported first-quarter FY23 sales growth of 31% year-on-year to $8.47 billion, beating the consensus of $7.71 billion.
Revenues from Financial Services rose 15.6% to $423.2 million.
Revenue from U.S. and Canada rose 34% Y/Y to $5 billion, and Europe grew 21.5% to $2.3 billion.
The company held $5.9 billion in cash and equivalents as of March 31, 2023. Cash provided by operating activities for the quarter totaled $684.8 million.
Adjusted EPS of $2.25 beat the analyst consensus of $1.81.
"PACCAR's results reflect ongoing strong demand for premium quality DAF, Peterbilt and Kenworth trucks, aftermarket parts and financial services worldwide," said CEO Preston Feight.
Price Action: PCAR shares are trading higher by 1.15% at $74.62 on the last check Tuesday.
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