Paccar's first quarter 2024 financial results included a jump in revenues and record parts revenue, the company announced Tuesday.
"Paccar reported excellent revenues and net income in the first quarter of 2024," says Preston Feight, CEO. "Paccar's results reflect ongoing demand for premium quality DAF, Peterbilt and Kenworth trucks, aftermarket parts and financial services."
Quarterly revenues were $8.74 billion in the first quarter, compared to $8.47 billion in Q1 2023. Net income was $1.2 billion, or $2.27 per diluted share. Last year, Q1 net income was $733.9 million ($1.40 per diluted share), including a $446.4 million after-tax, non-recurring charge related to litigation in Europe. Excluding that charge, the company earned $1.18 billion ($2.25 per diluted share) in the first quarter of last year.
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"Paccar's long-term investments in new truck models, advancing manufacturing and technology-enabled aftermarket solutions are contributing to Paccar's strong operating margins," Feight says. That includes record Paccar Parts revenue of $1.68 billion and a record pretax income of $455.8 million.
In the first quarter of 2023, Paccar parts earned $438.6 million, the company says, and had $1.62 billion in Q1 2023 revenues. This year, first quarter revenues were another record: $1.68 billion.
"Paccar Parts provides strategic, technology-driven transportation solutions that deliver greater uptime and profitability for customers," says Laura Bloch, Paccar vice president and Paccar Parts general manager. "Paccar Parts' excellent performance reflects investments in its TRP all-makes parts and TRP stores, technologies such as managed dealer inventory, and a growing number of Paccar trucks with Paccar powertrains in operation."
