Tue, Jul. 26, 9:02 AM
- PACCAR (NASDAQ:PCAR) reports truck sales fell 16.1% to $3.34B in Q2.
- Parts revenue dropped 2.6% to $756.4M.
- Financial services revenue increased 1.2% to $297.4M.
- U.S. and Canada revenue declined 23.8% to $2.68B
- Revenue for Europe advanced 15.9% $1.23B.
- New truck deliveries -11.5% Y/Y to 36,800.
- Truck, Parts and Other gross margin rate +10 bps to 15.2%.
- PCAR +1.31% premarket.
Tue, Jul. 5, 2:18 PM
- Truckmakers face heavy fines from the European Union over price fixing charges, according to Bloomberg.
- Although some truck manufacturers have set aside provisions to pay for the expected penalties, it's unclear which companies will end up having the largest exposure.
- The sector is down across the board on the day, including PACCAR (NASDAQ:PCAR) -3.1%, Navistar (NYSE:NAV) -9.1%, Daimler (OTCPK:DDAIF) -5.4%, Volvo (OTCPK:VOLVY) ADRS -6.1%, Supreme Industries (NYSEMKT:STS) -8.5%, and CNH Industrial (NYSE:CNHI) -6.6%.
Mon, Jun. 27, 3:19 PM
- AGCO (AGCO -5.9%) is downgraded to Underweight from Neutral with a $44 price target, cut from $47, at J.P. Morgan, citing weakening fundamentals in European agriculture and the rising dollar, which is expected to weigh on the company's North American business.
- JPM says AGCO has the greatest exposure to Europe in its machinery coverage, and notes that 60% of the company's EBIT comes from Europe, Africa and the Middle East, with another 16% from South America, where political and economic instability in Brazil continue to weigh on equipment demand.
- The firm also downgrades PACCAR (PCAR -6%) to Underweight from Neutral with a $47 price targets, lowered from $58, as the company's key end markets, especially the U.K., are likely to come under pressure in the near term, and North American truck fundamentals are expected to remain weak, with further production cuts expects in H2.
Mon, Jun. 6, 12:10 PM
- Truck maker stocks are ahead of broad market averages with Navistar leading the way. Navistar (NAV +6.6%) is due to release earnings tomorrow with analysts expecting revenue of $2.239B and EPS of -$0.17 to be reported.
- Late last week, FTR issued a report indicating that North American Class 8 truck orders improved 0.4% M/M to 14,100 units.
- The level of orders were still down 30% on a year-over-year comparison.
- "Fleets do not need to order many trucks in the current environment because in most cases they have enough trucks to handle the freight. Freight demand is still sluggish due to the build-up of business inventories," said a FTR commercial vehicles VP.
- Cummins (CMI +1.4%) and PACCAR (PCAR +1.3%) are both higher on the day.
Fri, Jun. 3, 12:37 PM
- PACCAR (PCAR -2.3%) is downgraded to Neutral from Buy with a $63 price target, trimmed from $67, at Goldman Sachs, citing weaker pricing and rising raw materials, which will hurt margins.
- Goldman says pricing turned negative in Europe as well as in North America this past quarter, while at the same time raw material benefits reached the highest levels in the current cycle.
- The recent surge in commodity prices limits PCAR's ability pass higher raw material costs to its customers, the firm says, seeing margin risk for the company from rising raw material prices as early as Q4 2016.
- Also, ACT Research reports that the trucking industry ordered 14,300 Class 8 trucks in May, down 31% Y/Y, reflecting concerns that freight volumes will stay low heading into the peak shipping season.
- Truck manufacturer Navistar (NYSE:NAV) -2.1%; engine maker Cummins (NYSE:CMI) -2%.
Tue, Apr. 26, 8:59 AM| Tue, Apr. 26, 8:59 AM | 1 Comment
Wed, Apr. 13, 2:24 PM
- Investors should take profits on machinery stocks ahead of earnings, J.P. Morgan analysts say, as valuations are stretched after the sector outperformed the S&P in Q1 +17% vs. +1.3%, and investors likely will have little tolerance for weaker than expected performance.
- The firm suggests avoiding Deere (DE +1.9%), Agco (AGCO +3.5%) and CNH Industrial (CNHI +3%) on weaker fundamentals with downside risk to the market outlooks for each region, and Paccar (PCAR +2.9%) on weaker NAFTA HD truck demand vs. its guide for a 12% decline in U.S. and Canada retail sales.
- However, JPM likes Allison Transmission (ALSN +2.4%) heading into Q1 as it has underperformed peers while its exposure to HD Class 8 long haul is limited and MD orders are up 5% YTD.
- Rated Neutral CAT, MTW, JOY, NAV, TEX, MCRN, PH, KMT, ETN, ITW.
Mon, Feb. 22, 10:19 AM
- Shipping stocks are on the move after the large jump in crude oil prices eases some anxiety over demand.
- Notable gainers include Diana Shipping (DSX +12.1%), Navios Maritime Partners (NMM +6.5%), Frontline (FRO +6.6%), and Scorpo Bulkers (SALT +5.9%).
- The trucking sector is also ahead of broad market averages off the oil news. ArcBest (ARCB +4.4%), Swift Transportation (SWFT +1.6%), Celadon Group (CGI +2%), and Knight Transportation (KNX +2.6%) (also upgraded) are on the rise.
- Railroad industry players CSX (CSX +3.8%) and Genesee & Wyoming (GWR +3.7%) are up sharply.
- On the vehicle manufacturing/supplier side, solid gainers include Meritor (MTOR +6.7%), Dana Holding (DAN +2.7%), Westport Innovations (WPRT +3.9%), Oshkosh (OSK +3.8%), Navistar (NAV +5.4%), and PACCAR (PCAR +2.3%).
- The Detroit Three are all in rally mode as well. Ford (NYSE:F) and GM (NYSE:GM) are up 2%, while Fiat Chrysler Automobiles (NYSE:FCAU) is 3.3% higher.
- Previously: Oil prices rebound, WTI heads back above $30 (Feb. 22 2016)
Oct. 27, 2015, 8:22 AM
- PACCAR (NASDAQ:PCAR) reports truck sales fell 1.7% to $3.74B in Q3.
- Parts revenue declined 0.8% to $778M.
- Financial services revenue dropped 1.6% to $301M.
- U.S. and Canada revenue grew 3.3% to $3.25B
- Revenue for Europe declined 3% $1.07B.
- New truck deliveries rose 5.6% Y/Y to 39,400.
- PCAR -1.17% premarket.
Oct. 8, 2015, 8:41 AM
- Clean Diesel Technologies (NASDAQ:CDTI) +12.8% premarket after signing a multi-year contract with PACCAR (NASDAQ:PCAR) to distribute its DuraFit diesel particulate filters to PCAR's North American network of more than 670 Peterbilt and Kenworth dealerships.
- CDTI says the agreement is an important milestone in its plan to secure national distribution channels for DuraFit original equipment manufacturer replacement diesel particulate filters in North America.
Aug. 26, 2015, 3:58 PM
- PACCAR (PCAR +4.1%) is upgraded to Overweight from Neutral with a $68 price target, raised from $65, at Piper Jaffray, which believes the stock's recent selloff was unjustified given the company’s lack of debt and exposure to China or oil and gas.
- While acknowledging investor concern regarding the upcoming truck cycle peak, the firm expects PCAR to “muscle through” the headwind, even if more than 60% of the company’s truck volumes come from the U.S. and Canada.
- "We think investors will bid PCAR's multiple higher once they become convinced that a peaking Class 8 truck cycle will not cause earnings to unravel," the firm writes.
Jul. 28, 2015, 10:10 AM
- Trucking stocks are broadly higher in early trading with manufacturers and suppliers both participating in the mini-rally.
- Positive Class 8 truck sales data and a strong report from PACCAR are helping to boost confidence.
- Gainers: PACCAR (NASDAQ:PCAR) +1.39%, Navistar (NYSE:NAV) +1.51%, Daimler (OTCPK:DDAIF) +1.31%, Cummins (NYSE:CMI) +3.19%, Volkswagen (OTCQX:VLKAY) +2.06%, Wabash National (NYSE:WNC) +1.40%, Oshkosh (NYSE:OSK) +1.32%.
Jul. 28, 2015, 8:47 AM
- PACCAR (NASDAQ:PCAR) reports truck sales rose 15.3% to $3.98B in Q2.
- Parts revenue declined 0.2% to $776.5M.
- Financial services revenue fell 2.9% to $293.8M.
- U.S. and Canada revenue grew 26.4% to $3.52B
- Revenue for Europe fell 8.1% $1.06B.
- New truck deliveries increased 23.4% Y/Y to 41,600.
- PCAR +2.57% premarket.
Oct. 7, 2014, 10:26 AM
Dec. 3, 2013, 3:49 PM
Jul. 2, 2013, 5:30 PM
PACCAR, Inc. is a global technology company engaged in the design, manufacture and customer support of premium light, medium and heavy-duty trucks. It operates through the following segments: Truck, Parts, Financial Services and Other Businesses. The Truck segment includes the design and... More
Sector: Consumer Goods
Industry: Trucks & Other Vehicles
Country: United States
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