Paccar Fires on All Cylinders in the 4Q
Following narrow-moat Paccar’s solid fourth-quarter results, we are maintaining our $67 fair value estimate. Paccar expanded fourth-quarter 2017 EPS 44% from the prior-year period to $1.18, beating consensus by 5 cents or 5.4%. Paccar continued to surpass our near-term expectations on the top line, increasing nonfinancial revenue an impressive 36% to $5.1 billion at 10.2% operating margins. Management attributed these strong financial results to its record quarterly worldwide deliveries of 44,30...PACCAR is a multinational company operating in three principal industry segments: the Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks, which are configured with engine in front of cab or cab-over-engine; the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles; and the Financial Services segment includes finance and leasing products and services provided to customers and dealers. The company's other business includes the manufacturing of industrial winches in two United States plants and marketing them under the Braden, Carco and Gearmatic nameplates.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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