PCAR - PACCAR Inc. (PCAR) Q1 2024 Earnings Call Transcript
2024-04-30 14:13:03 ET
PACCAR Inc. (PCAR)
Q1 2024 Earnings Conference Call
April 30, 2024 11:00 AM ET
Company Participants
Ken Hastings – Director of Investor Relations
Preston Feight – Chief Executive Officer
Harrie Schippers – President and Chief Financial Officer
Brice Poplawski – Vice President and Controller
Conference Call Participants
Tami Zakaria – JPMorgan
Angel Castillo – Morgan Stanley
Rob Wertheimer – Melius Research
Steve Volkmann – Jefferies
Jaime Cook – Truist
Chad Dillard – Bernstein
David Raso – Evercore ISI
Jeff Kauffman – Vertical Research Partners
Presentation
Operator
Good morning and welcome to PACCAR’s First Quarter 2024 Earnings Conference Call. All lines will be in a listen-only mode until the question-and-answer session. Today’s call is being recorded and if anyone has any objection, they should disconnect at this time.
I’d now like to introduce Mr. Ken Hastings, PACCAR’s Director of Investor Relations. Mr. Hastings, please go ahead.
Ken Hastings
Good morning. We would like to welcome those listening by phone and those on the webcast. My name is Ken Hastings, PACCAR’s Director of Investor Relations. And joining me this morning are Preston Feight, Chief Executive Officer; Harrie Schippers, President and Chief Financial Officer; and Brice Poplawski, Vice President and Controller. As with prior conference calls, we will ask that any members of the media on the line participate in a listen-only mode. Certain information presented today will be forward-looking and involve risks and uncertainties, including general economic and competitive considerations that may affect expected results. For additional information, please see our SEC filings and the Investor Relations’ page of paccar.com.
I would now like to introduce Preston Feight.
Preston Feight
Hey, good morning. Harrie, Brice, Ken and I will update you on our excellent first quarter results and business highlights. I’d like to begin by thanking PACCAR’s outstanding employees who do a great job providing our customers with the highest quality trucks and transportation solutions in the industry. PACCAR achieved excellent revenues and net income in the first quarter due to the strong performance of its truck, aftermarket parts and financial services businesses. PACCAR achieved revenues of $8.74 billion and net income of $1.2 billion. This is comparable to adjusted net income of $1.18 billion in the first quarter of last year. Truck parts and other gross margins were 19% in the first quarter. PACCAR’s margin is benefiting from investments in new truck models, good global performance and PACCAR Parts continued growth....
PACCAR Inc. (PCAR) Q1 2024 Earnings Call Transcript