PACCAR said worldwide net sales and revenues for Q2 2024 fell to $8.77 billion from $8.88 billion in 2023, and net income dropped to $1.12 billion ($2.13 per diluted share) from $1.22 billion ($2.33).

1. 01

   PACCAR said worldwide net sales and revenues for Q2 2024 fell to $8.77 billion from $8.88 billion in 2023, and net income dropped to $1.12 billion ($2.13 per diluted share) from $1.22 billion ($2.33).

2. 02

   The company said Truck revenues for Q2 fell to $6.58 billion from $6.83 billion in 2023, citing lower truck deliveries in Europe as the main factor. Truck gross margin was 15.0%, compared with 16.0% a year earlier.

3. 03

   PACCAR said operating cash flow for the first six months of 2024 rose to $1,909.0 million from $1,660.3 million in 2023. Cash dividends paid over the same period were $1.97 billion, up from $1.24 billion in 2023.

4. 04

   The company said it completed the formation of Amplify Cell Technologies, its U.S. battery joint venture with Cummins, Daimler Truck and EVE Energy, in Q2. It expects to invest $600 to $900 million in the joint venture over the next several years and contributed $51.7 million to it in Q2.

Key figures

Quarter ended June 30, 2024

Revenue

$8.8B

Net income

$1.1B

EPS

$2.13

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

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

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