The company said worldwide net sales and revenues for Q1 2024 rose to $8.74 billion from $8.47 billion for Q1 2023, and net income increased to $1.20 billion ($2.27 per diluted share) from $733.9 million ($1.40 per diluted share).

10-QQuarterly reportFiled May 2, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said worldwide net sales and revenues for Q1 2024 rose to $8.74 billion from $8.47 billion for Q1 2023, and net income increased to $1.20 billion ($2.27 per diluted share) from $733.9 million ($1.40 per diluted share).
PACCAR said it recorded a non-recurring charge of $600.0 million before taxes ($446.4 million after tax) related to civil litigation in Europe (EC-related claims) in Q1 2023. It said adjusted net income (non-GAAP), excluding this charge, was $1.18 billion ($2.25 per diluted share).
The company said truck sales increased to $6.54 billion from $6.41 billion, and truck gross margin fell to 15.6% from 16.2%. It said lower truck deliveries in Europe were mostly offset by higher deliveries in the U.S. and Canada, leaving Truck segment pre-tax income comparable to the prior year.
The company said Financial Services segment pre-tax income decreased to $113.9 million from $148.8 million. It cited lower operating lease margins as a factor, and provision for losses on receivables increased to $16.1 million from $3.1 million.

Key figures

Quarter ended March 31, 2024

Revenue: $8.7B
Net income: $1.2B
EPS: $2.27
Operating cash flow: $1.5B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 Revenue and Net Income

The company said worldwide net sales and revenues for Q1 2024 rose to $8.74 billion from $8.47 billion for Q1 2023, and net income increased to $1.20 billion ($2.27 per diluted share) from $733.9 million ($1.40 per diluted share).

Source · Based on the MD&A text of the filing

Q1 2023 EC-Related One-Time Charge

PACCAR said it recorded a non-recurring charge of $600.0 million before taxes ($446.4 million after tax) related to civil litigation in Europe (EC-related claims) in Q1 2023. It said adjusted net income (non-GAAP), excluding this charge, was $1.18 billion ($2.25 per diluted share).

Source · Based on the MD&A text of the filing

Truck Segment Results and European and North American Sales

The company said truck sales increased to $6.54 billion from $6.41 billion, and truck gross margin fell to 15.6% from 16.2%. It said lower truck deliveries in Europe were mostly offset by higher deliveries in the U.S. and Canada, leaving Truck segment pre-tax income comparable to the prior year.

Source · Based on the MD&A text of the filing

Financial Services Pre-Tax Income and Credit Loss Provision

The company said Financial Services segment pre-tax income decreased to $113.9 million from $148.8 million. It cited lower operating lease margins as a factor, and provision for losses on receivables increased to $16.1 million from $3.1 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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