Sector: Industrials|Industry: Farm & Heavy Construction Machinery|Market Cap: $56.51B|Employees: 32.4K
PACCAR Inc. is a global technology company that designs, manufactures, and distributes high-quality commercial trucks under the Kenworth, Peterbilt, and DAF nameplates. The company also distributes aftermarket parts and provides financial services to customers and dealers. PACCAR competes in the North American Class 8 market and the European light/medium market and has a global presence with manufacturing facilities in the United States, Europe, Australia, Brasil, Canada and Mexico.
Net sales and revenues were $8.24 billion in Q3 2024, compared to $8.70 billion in Q3 2023, primarily due to lower truck revenues, partially offset by higher parts and financial services revenues.
Net income was $972.1 million in Q3 2024, compared to $1.23 billion in Q3 2023, reflecting lower truck revenues and lower operating lease margins, partially offset by higher finance margins.
Truck gross margin was 13.0% in Q3 2024 compared to 16.8% in Q3 2023, due to lower truck unit deliveries and higher costs.