PACCAR benefits from robust freight activity in Q1

Apr. 27, 2021 8:59 AM ETBy: Clark Schultz, SA News Editor
  • PACCAR (PCAR -1.4%) reports global truck deliveries of 42,200 units in Q1 and truck revenue of $4.23B vs. $4.22B consensus.
  • CEO update on the quarter: "PACCAR Parts achieved record quarterly sales and profits due to robust freight activity, high truck utilization, investments in distribution and innovative technology such as its e-commerce platform. PACCAR Financial Services increased its profitability due to excellent portfolio quality and strong used truck demand."
  • Cash flow from operations during the quarter was $537M.
  • Of note, ARK Invest has been trimming its position in PACCAR this week with disclosed sales of 164K shares on April 23 and 243K shares on April 26.
  • Shares of PACCAR are down 0.14% premarket to $93.21 after the earnings topper.

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