PACCAR Inc. (NASDAQ:PCAR) shares surged higher on Tuesday after the truck manufacturer reported second-quarter earnings that beat analyst expectations, even as quarterly sales narrowly missed estimates and overall revenues declined year-over-year.
The company reported second-quarter earnings per share of $1.37, beating the analyst consensus estimate of $1.34. Quarterly sales of $6.962 billion missed the Street view of $6.979 billion.
Net sales and financial services revenues were $7.51 billion in the second quarter, compared to $8.77 billion in the second quarter of 2024.
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Investment income in the quarter under review decreased to $83.9 million from $95.8 million a year ago.
“PACCAR’s investments in new trucks such as DAF’s 2025 truck range, advanced manufacturing, and technology-enabled aftermarket solutions, will support customers’ and the company’s growth,” said Preston Feight, chief executive officer.
The company exited the quarter with cash and marketable securities worth $8.279 billion, lower than $9.649 billion as of December 31, 2024.
“The North American truck market is being affected by economic conditions, the uncertain impact of tariffs, and a soft truckload market. Customer demand in the less-than-truckload and vocational segments, including construction, is good,” Feight added.
According to Benzinga Pro, PCAR stock has lost over 11% in the past year. Investors can gain exposure to the stock via iShares Trust iShares U.S. Manufacturing ETF (NYSE:MADE).
Price Action: PCAR shares are trading higher by 4.65% to $97.19 at last check Tuesday.
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This article PACCAR CEO Optimistic About Growth Despite Soft Truckload Market, Tariff Concerns originally appeared on Benzinga.com
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