Paccar's stock touches record high as it sets revenue and net income records

By Steve Gelsi

Company's bottom line benefits from deliveries of Kenworth, Peterbilt and DAF trucks.

Paccar Inc.'s stock rose by 2.5% Tuesday to record territory after the truck manufacturer said its fourth-quarter revenue and profits set new records as it hit high-water marks for its vehicles.

The stock advanced by $2.43 to $99.52 in morning trading. If the gains hold through the session, the stock will break its previous record high of $98.06 on Dec. 13, according to Dow Jones Market Data.

It's also the stock's largest daily percentage rise since it rose by 3.1% on Nov. 14.

Paccar, which owns Kenworth, Peterbilt and its European unit, DAF, said its fourth-quarter net income rose to $1.42 billion, or $2.70 a share, from $921.3 million, or $1.76 a share, in the year-ago quarter.

Paccar (PCAR) beat the FactSet consensus estimate of $2.25 a share. Fourth-quarter revenue climbed to $9.08 billion from $8.13 billion, well ahead of the analyst estimate of $8.48 billion.

"PACCAR's excellent results reflect record deliveries of premium quality DAF, Peterbilt and Kenworth trucks worldwide, record truck, parts and other gross margins and strong financial services performance," Paccar said.

Before Tuesday's trading, Paccar's stock was up 31.1% in the past year, while the S&P 500 SPX has risen by 20.7%.

-Steve Gelsi

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01-23-24 0958ET

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