On July 29, PACCAR Inc rose 3.16% in regular trading, trading at $137.62/share, with turnover of $492 million. The rally was driven by the company's stronger-than-expected second-quarter earnings released before market open on July 28.
PACCAR Inc reported Q2 earnings per share of $1.43, beating the analyst consensus estimate of $1.34-$1.35 by approximately 5.9%, and representing a 4.38% year-over-year increase from $1.37. Total revenue came in at $7.00 billion, up slightly from $6.96 billion a year earlier, though missing some analyst estimates of $7.05-$7.26 billion. The earnings beat served as the primary catalyst for the stock's advance.
Notably, the Q2 result marks a significant sequential recovery from Q1, when EPS was only $1.15, down over 21% year-over-year, amid concerns about truck industry cyclical weakness. Prior to the report, analysts maintained a consensus Hold rating with a mean price target of approximately $130. The stock is now trading above that level following the earnings surprise.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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