PACCAR reports EPS in-line, beats on revs (67.73)
- Reports Q1 (Mar) earnings of $0.88 per share, in-line with the Capital IQ Consensus of $0.88; revenues fell 1.4% year/year to $4.24 bln vs the $3.85 bln Capital IQ Consensus.
- "We've increased our estimate of 2017 European truck industry registrations in the above 16-tonne truck segment to a range of 270,000-300,000 vehicles."
- Class 8 truck industry retail sales for the U.S. and Canada in 2017 are expected to be in a range of 190,000-220,000 vehicles.
- In 2017, capital expenditures of $375-$425 million and research and development expenses of $250-$280 million are targeted for truck and powertrain product development, enhanced manufacturing facilities and aftermarket support programs.