Paccar (NASDAQ: PCAR) reported record revenues and net income for the first quarter of 2019, beating analysts’ estimates on April 30.
The company reported net sales and revenues of nearly $6.5 billion for the first three months of the year, up more than 15 percent from $5.65 million earned in the first quarter of 2018. Paccar also reported its earnings per diluted share to be $1.81, up 23 percent higher than $1.45 per diluted share a year earlier. This beat analysts’ estimates of $1.65 per share in the first quarter, according to Seeking Alpha.
Its net income was $629 million for the first quarter of 2019.
The company, headquartered in Bellevue, Washington, manufacturers Kenworth, Peterbilt and DAF trucks.
“Paccar delivered a record quarterly number of trucks, driven by Kenworth, Peterbilt and DAF’s strong market share and robust global truck demand,” Ron Armstrong, chief executive of Paccar said in a release.
First quarter Class 8 truck sales in the U.S. and Canada increased 23 percent compared to the same quarter of 2018, according to Gary Moore, executive vice president of Paccar.
“The strong U.S. and Canada Class 8 truck market and backlog reflect the growing economy and record freight demand,” Moore said in the earnings release.
Retail sales of Class 8 trucks for the U.S. and Canada are projected to be between 295,000-315,000 vehicles in 2019, he said.
Paccar delivered 51,500 trucks worldwide in the first quarter of 2019, up from 44,500 from the first quarter of 2018. This number included 28,900 trucks in the U.S. and Canada, up from 24,200 in the first quarter of 2018. In the first three months of 2019, deliveries were also up in Europe, from 15,700 to 16,900, and also up from 4,600 to 5,700 vehicles in other parts of the world.