PACCAR beats by $0.03, misses on revs; sees Class 8 truck industry retail sales for the U.S. and Canada in 2016 at 220-250K vehicles
- Reports Q1 (Mar) earnings of $0.99 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.96; revenues fell 11.8% year/year to $4.01 bln vs the $4.05 bln Capital IQ Consensus.
- "PACCAR benefitted from a favorable truck market in North America and record DAF market share of 16.6% year-to-date in Europe. PACCAR generated increased truck and parts segment margins, and good financial services results worldwide. I am very proud of our 23,000 employees who have delivered industry leading products and services to our customers."
Global Truck Markets:
- DAF is the above 16-tonne market share leader in the United Kingdom, the Netherlands, Hungary and Poland. "Our customers recognize DAF's excellent product quality, low operating costs and strong resale value," said Preston Feight, DAF president and PACCAR vice president. "European truck industry sales in the above 16-tonne truck market are estimated to increase and be in the range of 260,000-290,000 vehicles in 2016, the strongest market since 2008."
- Class 8 truck industry retail sales for the U.S. and Canada in 2016 are expected to be in a range of 220,000-250,000 vehicles, the third highest market in the last 10 years. "The truck market reflects the good economy and steady freight demand," said Gary Moore, PACCAR executive vice president. "Our customers' operations are benefitting from the fuel-efficient PACCAR MX engines, Kenworth and Peterbilt aerodynamic trucks and low oil prices."