- 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.
Nasdaq Falls Over 100 Points; Burlington Shares Jump After Q3 Results
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 100 points on Tuesday.
The Dow traded down 0.25% to 35,062.35 while the NASDAQ fell 0.81% to 14,168.79. The S&P 500 also fell, dropping, 0.34% to 4,531.77.
