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PACCAR Inc. (NASDAQ:PCAR) shares are trading lower after the company reported worse-than-expected second-quarter financial results.
Quarterly sales of $8.262 billion missed the street view of $8.329 billion. The company reported quarterly earnings per share of $2.13, missing the street view of $2.14.
“PACCAR is investing more than $200 million in additional engine manufacturing capacity, and in the construction of a new engine remanufacturing facility, in Columbus, Mississippi. Recent truck factory investments include the expansion at Kenworth Chillicothe, Ohio, and PACCAR Mexico, and the DAF new electric truck assembly plant in Eindhoven, Netherlands,” said Harrie Schippers, president and chief financial officer.
The company’s Global truck deliveries in the second quarter was 48,400 units.
The company’s capital investments in the second quarter were $219.6 million, while R&D expenses totaled $117.1 million.
The company’s cash generated from operations in the quarter under review were $440.0 million.
In the second quarter, PACCAR, Cummins, Daimler Truck and EVE Energy completed the formation of their U.S. battery manufacturing joint venture, Amplify Cell Technologies, and began construction of its 21-gigawatt hour battery factory in Marshall County, Mississippi. The factory is expected to start production in 2027.
As of six months ended June 30, the company’s cash and equivalents totaled $5.871 billion.
Price Action: PCAR shares are trading lower by 8.32% to $99.99 at last check Tuesday.
Photo via Wikimedia Commons
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