PACCAR Inc (PCAR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Paccar Inc has a market cap of $16.79 billion; its shares were traded at around $46.1 with a P/E ratio of 131.7 and P/S ratio of 2.4. The dividend yield of Paccar Inc stocks is 0.7%. Paccar Inc had an annual average earning growth of 14.3% over the past 10 years.PCAR is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Kenneth Fisher of Fisher Asset Management, LLC, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC.
First quarter 2010 total net sales and revenues and income before income taxes were positively affected by the translation of stronger foreign currencies, primarily the euro, the Australian and Canadian dollar and the British pound. The translation effect increased first quarter 2010 sales and revenues by $112.6 million and income before income taxes by $10.2 million compared to the first quarter of 2009.
Research and development (R&D) expenditures increased to $54.8 million in the first quarter of 2010 from $52.3 million in the first quarter of 2009 primarily due to higher foreign currency translation effects of $1.8 million.
Selling, general and administrative (SG&A) expense for Truck and Other of $94.1 million in the first quarter of 2010 increased from $88.4 million in the first quarter of 2009. The higher spending reflects foreign currency translation effects of $4.1 million, higher sales and marketing spending and travel costs, partially offset by lower severance costs. As a percentage of sales, SG&A decreased in the first quarter to 4.7% in 2010 from 5.1% in 2009.
Financial Services segment revenues for the first quarter of 2010 decreased to $246.4 million from $255.8 million in the first quarter of 2009. The decreased revenues in the first quarter resulted from lower earning asset balances in all markets. First quarter 2010 Financial Services income before income taxes increased to $28.1 million from $15.3 million in the first quarter of 2009 primarily due to lower interest and other borrowing expenses from economic hedges and a decline in average debt balances. In addition, the first quarter 2010 provision for losses on receivables declined $3.3 million to $21.7 million from $25.0 million in the prior year reflecting lower charge-offs and a larger reduction in the allowance for losses due to a decrease in past due accounts and a lower asset base.
First quarter 2010 depreciation and other expenses of $118.0 increased from $102.9 in the first quarter of 2009, due to higher depreciation and higher expense from the sale of used trucks. First quarter 2010 depreciation was $85.7 million compared to $79.4 million in 2009 reflecting both higher impairments on returned operating lease assets as well as higher losses on the sale of aged operating lease assets.
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Paccar Inc has a market cap of $16.79 billion; its shares were traded at around $46.1 with a P/E ratio of 131.7 and P/S ratio of 2.4. The dividend yield of Paccar Inc stocks is 0.7%. Paccar Inc had an annual average earning growth of 14.3% over the past 10 years.PCAR is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Kenneth Fisher of Fisher Asset Management, LLC, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
PACCAR recorded higher sales and net income in the first three months of 2010 compared to the prior year. First quarter 2010 net income was $68.3 million ($.19 per diluted share) compared to $26.3 million ($.07 per diluted share) in the first quarter of 2009.First quarter 2010 total net sales and revenues and income before income taxes were positively affected by the translation of stronger foreign currencies, primarily the euro, the Australian and Canadian dollar and the British pound. The translation effect increased first quarter 2010 sales and revenues by $112.6 million and income before income taxes by $10.2 million compared to the first quarter of 2009.
Research and development (R&D) expenditures increased to $54.8 million in the first quarter of 2010 from $52.3 million in the first quarter of 2009 primarily due to higher foreign currency translation effects of $1.8 million.
Selling, general and administrative (SG&A) expense for Truck and Other of $94.1 million in the first quarter of 2010 increased from $88.4 million in the first quarter of 2009. The higher spending reflects foreign currency translation effects of $4.1 million, higher sales and marketing spending and travel costs, partially offset by lower severance costs. As a percentage of sales, SG&A decreased in the first quarter to 4.7% in 2010 from 5.1% in 2009.
Financial Services segment revenues for the first quarter of 2010 decreased to $246.4 million from $255.8 million in the first quarter of 2009. The decreased revenues in the first quarter resulted from lower earning asset balances in all markets. First quarter 2010 Financial Services income before income taxes increased to $28.1 million from $15.3 million in the first quarter of 2009 primarily due to lower interest and other borrowing expenses from economic hedges and a decline in average debt balances. In addition, the first quarter 2010 provision for losses on receivables declined $3.3 million to $21.7 million from $25.0 million in the prior year reflecting lower charge-offs and a larger reduction in the allowance for losses due to a decrease in past due accounts and a lower asset base.
First quarter 2010 depreciation and other expenses of $118.0 increased from $102.9 in the first quarter of 2009, due to higher depreciation and higher expense from the sale of used trucks. First quarter 2010 depreciation was $85.7 million compared to $79.4 million in 2009 reflecting both higher impairments on returned operating lease assets as well as higher losses on the sale of aged operating lease assets.
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