PACCAR Inc (PCAR, Financial) filed Quarterly Report for the period ended 2012-06-30.
Paccar Inc has a market cap of $14.17 billion; its shares were traded at around $40.43 with a P/E ratio of 11.6 and P/S ratio of 0.9. The dividend yield of Paccar Inc stocks is 2%. Paccar Inc had an annual average earning growth of 8.9% over the past 10 years.
half of 2011. The higher spending in 2012 is primarily due to higher salaries and personnel related expenses of $7.4 million for the second quarter and $19.1 million for the first half of 2012 to support higher levels of business activity. As a percentage of sales, SG&A decreased to 2.7% and 2.6% in the second quarter and first half of 2012 from 2.8% and 3.0% in the second quarter and first half of 2011 due to higher sales volumes and ongoing cost control. Foreign currency reduced SG&A in the second quarter and first half of 2012 by $5.6 million and $7.2 million, respectively.
In the second quarter and first half of 2012, new loan and lease volume increased 16% and 21% to $1.25 billion and $2.18 billion, respectively, compared to the second quarter and first half of 2011. The increase reflects higher new PACCAR truck sales and a higher average amount financed per unit. In the second quarter and first six months of 2012, PFS market share on new PACCAR trucks decreased to 30.2% and 28.4% from 32.0% and 30.8% in the same periods in 2011 primarily due to lower market share in the U.S. and Canada.
Other includes the winch business as well as sales, income and expenses not attributable to a reportable segment, including a portion of corporate expense. Other sales represent approximately 1% of consolidated net sales and revenues for the second quarter and first half of 2012 and 2011. Other SG&A was $9.7 million and $22.3 million in the second quarter and first half of 2012 compared to $6.8 million and $17.9 million in the second quarter and first half of 2011. Other income (loss) before tax was a loss of $1.3 million and $4.4 million in the second quarter and first half of 2012 compared to a loss of $3.9 million and $16.6 million in the same time periods of 2011, reflecting improved winch business results and lower equipment expenses.
Operating activities: Cash provided by operations decreased $348.0 million to $444.0 million in the first half of 2012. The lower operating cash flow was primarily due to a $399.8 million lower increase in purchases of goods and services in accounts payable and accrued expenses greater than payments compared to the first half of 2011 and $142.2 million from income tax payments in 2012 exceeding current income tax expense, whereas in 2011 income tax expense exceeded payments. In addition, lower operating cash flow reflects increased Financial Services segment wholesale receivables, sales-type finance leases and dealer direct loans of $132.7 million and $78.6 million from higher pension contributions in 2012. These were partially offset by $203.4 million from a lower increase in sales of goods and services in accounts receivable greater than payments compared to the first half of 2011 and $191.5 million of higher net income.
Read the The complete Report
Paccar Inc has a market cap of $14.17 billion; its shares were traded at around $40.43 with a P/E ratio of 11.6 and P/S ratio of 0.9. The dividend yield of Paccar Inc stocks is 2%. Paccar Inc had an annual average earning growth of 8.9% over the past 10 years.
Highlight of Business Operations:
Second quarter 2012 net income increased to $297.2 million ($.83 per diluted share) compared to $239.7 million ($.65 per diluted share) in the second quarter of 2011. For the first half of 2012 net income increased to $624.5 million ($1.75 per diluted share) compared to $433.0 million ($1.18 per diluted share) in the first six months of 2011. Both increases were primarily due to higher sales in the Truck segment and improved Financial Services segment results from higher finance margin and a lower provision for losses on receivables.half of 2011. The higher spending in 2012 is primarily due to higher salaries and personnel related expenses of $7.4 million for the second quarter and $19.1 million for the first half of 2012 to support higher levels of business activity. As a percentage of sales, SG&A decreased to 2.7% and 2.6% in the second quarter and first half of 2012 from 2.8% and 3.0% in the second quarter and first half of 2011 due to higher sales volumes and ongoing cost control. Foreign currency reduced SG&A in the second quarter and first half of 2012 by $5.6 million and $7.2 million, respectively.
In the second quarter and first half of 2012, new loan and lease volume increased 16% and 21% to $1.25 billion and $2.18 billion, respectively, compared to the second quarter and first half of 2011. The increase reflects higher new PACCAR truck sales and a higher average amount financed per unit. In the second quarter and first six months of 2012, PFS market share on new PACCAR trucks decreased to 30.2% and 28.4% from 32.0% and 30.8% in the same periods in 2011 primarily due to lower market share in the U.S. and Canada.
Other includes the winch business as well as sales, income and expenses not attributable to a reportable segment, including a portion of corporate expense. Other sales represent approximately 1% of consolidated net sales and revenues for the second quarter and first half of 2012 and 2011. Other SG&A was $9.7 million and $22.3 million in the second quarter and first half of 2012 compared to $6.8 million and $17.9 million in the second quarter and first half of 2011. Other income (loss) before tax was a loss of $1.3 million and $4.4 million in the second quarter and first half of 2012 compared to a loss of $3.9 million and $16.6 million in the same time periods of 2011, reflecting improved winch business results and lower equipment expenses.
Operating activities: Cash provided by operations decreased $348.0 million to $444.0 million in the first half of 2012. The lower operating cash flow was primarily due to a $399.8 million lower increase in purchases of goods and services in accounts payable and accrued expenses greater than payments compared to the first half of 2011 and $142.2 million from income tax payments in 2012 exceeding current income tax expense, whereas in 2011 income tax expense exceeded payments. In addition, lower operating cash flow reflects increased Financial Services segment wholesale receivables, sales-type finance leases and dealer direct loans of $132.7 million and $78.6 million from higher pension contributions in 2012. These were partially offset by $203.4 million from a lower increase in sales of goods and services in accounts receivable greater than payments compared to the first half of 2011 and $191.5 million of higher net income.
Read the The complete Report
