Paccar's 2Q Revs Up
We are not changing our moat rating or fair value estimate on truck-maker Paccar after incorporating second-quarter results into our model. Second-quarter 2017 EPS fell 22.6% to $1.06, beating consensus by seven cents, however, EPS was flat year over year after excluding a $109.6 million gain on a European Commission settlement in second-quarter 2016. Revenue excluding the captive finance arm increased year-over-year by 6.9% to $4.4 billion, led by a 6.4% and 8.8% increase in sales of both the t...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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