Paccar Delivers Record Number of Trucks in the 3Q Raising our FVE to $73
Despite supplier constraints and a nationwide driver shortage, Paccar delivered a record number of trucks in the third quarter. Global deliveries reached 47,800, surpassing the previous record of 46,400 in the second quarter of 2018. Truck and parts gross margin was 14.1% during the quarter, and management expects this to increase to 14.5% in the fourth quarter as it expects supplier constraints to moderate near term. We increased our fair value estimate to $73 from $71 due to our expectation of...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.
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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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