LONDON, UK / ACCESSWIRE / February 09, 2018 / Active-Investors.com has just released a free earnings report on PACCAR Inc. (NASDAQ: PCAR). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=PCAR. PACCAR reported its fourth quarter and fiscal 2017 operating and financial results on January 30, 2018. The truck maker's EPS soared 103.7% in Q4 2017, while it surpassed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter fiscal 2017, PACCAR achieved record quarterly net sales and financial service revenues of $5.45 billion compared to $4.07 billion for Q4 2016. The Company's reported numbers beat analysts' estimates of $4.84 billion.
For full year (FY) 2017, PACCAR achieved record revenues of $19.46 billion, reflecting growth of 14% compared to revenues of $17.03 billion in FY16.
During Q4 2017, PACCAR earned $589.2 million, or $1.67 per diluted share, including $173.4 million of net tax benefits resulting from recent changes to US tax law. The one-time net tax benefits included a reduction of net deferred tax liabilities of $304.0 million, partially offset by a tax on accumulated foreign earnings of $130.6 million. Excluding the one-time tax benefits, PACCAR reported non-GAAP net income of $415.8 million, or $1.18 per diluted share. The Company earned $288.8 million, or $0.82 per diluted share, in Q4 2016. PACCAR's earnings topped Wall Street's estimates of $1.12 per share.
For FY17, PACCAR reported earnings of $1.68 billion, or $4.75 per diluted share, including the $173.4 million od one-time tax benefit. The Company reported annual net income of $521.7 million, or 1.48 per diluted share in FY16, including an $833.0 million non-recurring charge for a European Commission (EC) settlement. Excluding the one-time tax benefit, and non-recurring charges, PACCAR reported non-GAAP earnings of $1.50 billion, or $4.26 per diluted share, for FY17 compared to non-GAAP net income of $1.35 billion, or $3.85 per diluted share, in FY16.
Delivery Details
During Q4 2017, PACCAR reported record quarterly worldwide deliveries of 44,300 trucks. In FY17, the Company delivered 158,900 vehicles worldwide, including a record 29,700 medium-duty trucks.
PACCAR's Class 8 truck industry retail sales in the US and Canada were 218,000 units in FY17 compared to 216,000 vehicles sold in FY16. The Company's Kenworth and Peterbilt trucks achieved record Class 8 retail market share of 30.7% in the US and Canada in FY17 compared to 28.5% in FY16.
During FY18, PACCAR's US and Canada Class 8 truck industry retail sales are expected to increase to a range of 235,000-265,000 trucks.
During FY17, PACCAR's European truck industry sales above 16-tonnes totaled 306,000 trucks. The Company is estimating European truck industry sales in the above 16-tonne market in FY18 to be in the range of 290,000-320,000 trucks.
PACCAR achieved excellent 2017 truck production and market share in Australia, Mexico, Taiwan, and Brasil, delivering 17,600 trucks in these markets and surrounding regions.
PACCAR's Segment Results
During Q4 2017, the aftermarket parts business saw a record $877.2 million compared to $765.0 million reported in Q4 2016. The business achieved record fourth quarter pre-tax income of $157.2 million, 14% higher than the $137.5 million earned in Q4 2016. The segment's annual revenues totaled $3.33 billion, 11% higher than revenues of $3.01 billion in FY16. The Company noted that the Parts business growth was driven by investments in distribution and technology, initiatives such as the TRP all-makes parts stores and a growing population of Kenworth, Peterbilt, and DAF trucks, powered by PACCAR engines.
During Q4 2017, Financial Services (PFS) reported revenues of $332.2 million compared to $303.7 million in Q4 2016. The business achieved pretax income of $72.5 million in the reported quarter compared to $77.9 million in the year earlier same quarter. PFS earned $264.0 million of pretax profit in FY17 on revenues of $1.27 billion compared to $306.5 million on revenues of $1.19 billion in FY16.
Cash Matters
As of December 31, 2017, PACCAR's cash and marketable securities totaled $3.62 billion compared to $2.92 billion as on December 31, 2016. The Company's cash provided by operations was $893.3 million in Q4 2017, while cash provided by operations totaled $2.72 billion for FY17.
During FY17, PACCAR declared cash dividends of $2.19 per share, including a special dividend of $1.20 per share paid in January 2018 compared to cash dividends of $1.56 per share declared in FY16.
Stock Performance Snapshot
February 08, 2018 - At Thursday's closing bell, PACCAR's stock fell 2.49%, ending the trading session at $66.98.
Volume traded for the day: 3.27 million shares, which was above the 3-month average volume of 2.16 million shares.
Stock performance in the previous six-month period - up 3.10%; and past twelve-month period - up 3.67%
After yesterday's close, PACCAR's market cap was at $24.24 billion.
Price to Earnings (P/E) ratio was at 14.11.
The stock has a dividend yield of 1.49%.
The stock is part of the Consumer Goods sector, categorized under the Trucks & Other Vehicles industry.
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