- PACCAR Inc (NASDAQ:PCAR) reported fourth-quarter FY22 sales growth of 22% year-on-year to $8.13 billion. Net sales and revenues from Truck, Parts, and Other improved 22.8% to $7.7 billion.
- Revenues from Financial Services rose 1.1% to $394.8 million.
- Revenue from U.S. and Canada rose 24% Y/Y to $4.7 billion, and Europe grew 10.6% to $2.2 billion.
- The company held $4.7 billion in cash and equivalents as of Dec. 31, 2022. Cash provided by operating activities for the quarter totaled $1.25 billion.
- EPS of $2.64 beat the analyst consensus of $2.21.
- “PACCAR reported record annual revenues and net income in 2022,” said CEO Preston Feight. “PACCAR’s excellent results reflect the strong demand for premium quality DAF, Peterbilt and Kenworth new truck models worldwide, record aftermarket parts profits and strong financial services performance.”
- Price Action: PCAR shares are trading higher by 2.07% at $104.30 on the last check Tuesday.
Needham Maintains Buy on Coinbase Global, Lowers Price Target to $73
Needham analyst John Todaro maintains Coinbase Global (NASDAQ:COIN) with a Buy and lowers the price target from $89 to $73.
