Paccar 2Q Profit, Sales Rise

Dow Jones07-28

Paccar profit and sales rose in the second quarter, despite lower truck deliveries.

The manufacturer of medium- and heavy-duty commercial trucks posted net income of $752 million, or $1.43 a share, compared with $723.8 million, or $1.37 a share, in the same quarter a year earlier.

According to FactSet, analysts were expecting $1.34 a share.

Net sales and revenue came to $7 billion, compared with $6.96 billion a year ago. Analysts expected $7.05 billion.

Consolidated net sales and revenue totaled $7.55 billion, the company said.

Global truck deliveries came to 38,700 units in the quarter, just below the 39,300 delivered in the prior-year quarter, with a slide mostly in the U.S. and Canada segment.

"Build rates increased during the quarter due to strong orders as customers benefited from Paccar's industry-leading trucks and improved freight rates," Chief Executive Preston Feight said.

The company expects U.S. and Canada Class 8 truck industry retail sales to be in a range of 230,000 to 270,000 trucks in 2026.

Chief Technology Officer John Rich said customers are benefiting from higher freight rates due to constrained industry freight capacity.

"Fleet age has increased as well, providing an opportunity for customers to refresh their fleets with newer, more fuel-efficient trucks," Rich added.

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