Paccar Delivers a Strong 1Q Performance
Following narrow-moat Paccar’s first-quarter performance, we expect to maintain our fair value estimate of $71 per share. Paccar grew first-quarter 2018 adjusted EPS 65% from the prior-year period to $1.45, beating consensus by $0.14, or 11%. Paccar drove the earnings beat largely on both the top and bottom lines as the company continues to benefit from both new and replacement sales activity. (See our March 5, 2018, note “Tax Reform and a Solid Economy Support the Heavy Equipment Sector Despite...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.
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