PCAR - Why Paccar Stock Accelerated This Week
Paccar (NASDAQ: PCAR) beat estimates on both sales and earnings, and analysts believe the company can continue to outperform in 2023. That pushed shares of the truck manufacturer into the fast lane, with the stock up as much as 13% for the week, according to data provided by S&P Global Market Intelligence .
It has been a strange few years for truckers and the companies that supply them. Demand for shipping services was strong during the pandemic, but has fallen off in recent quarters as fears of a slowing economy have caused companies to scale back purchases. Meanwhile, supply chain issues have limited manufacturing capabilities.
Paccar's latest quarterly results suggest the company is navigating through the uncertainty well. On Tuesday, Paccar announced it had earned $2.64 per share in the fourth quarter on revenue of $8.13 billion. That's well above the $2.21 per share in earnings on sales of $7.11 billion that analysts had expected. The sales number was particularly impressive, up more than 20% from the same three months a year ago.
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Why Paccar Stock Accelerated This Week