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Paccar Inc (PCAR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

PCAR Quarterly Reports

Paccar Inc

CIK: 75362 Ticker: PCAR

Exhibit 99.1

 

 

 

 

 

 

 

PACCAR Inc

 

  Public Affairs Department

 

    P.O. Box 1518

 

      Bellevue, WA 98009

 

 

 

        Contact:

 

 

Ken Hastings

 

 

 

 

(425) 468-7530

 

 

 

 

ken.hastings@paccar.com

 

FOR IMMEDIATE RELEASE

PACCAR Achieves Good Quarterly Revenues and Profits

Parts Sales and Aftermarket Support Drives Results

 

April 21, 2020, Bellevue, Washington –

“PACCAR reported good revenues and net income for the first quarter of 2020,” said Preston Feight, chief executive officer. “First quarter truck deliveries were impacted by the temporary closures of PACCAR truck manufacturing facilities worldwide, which began March 24, resulting from government coronavirus mandates. PACCAR Parts achieved record results as they supported the shipment of medical supplies, food, infrastructure material and essential goods to our communities around the world. I am very proud of our employees, their support of each other, and their commitment to deliver essential products and services to our customers.”

Feight added, “PACCAR has taken many positive steps in fighting the virus. We have temporarily closed our truck factories and have realigned all of our facilities to enhance social distancing. Every factory, office and distribution center has implemented best practices for deep cleaning, staggered shifts and employee spacing. Thousands of our employees are working from home when possible.”

First quarter 2020 revenues were $5.16 billion, compared to $6.49 billion earned in the first quarter of 2019. PACCAR achieved net income of $359.4 million ($1.03 per diluted share) in the first quarter of this year, compared to $629.0 million ($1.81 per diluted share) earned in the same period last year.

Harrie Schippers, president and chief financial officer, noted, “PACCAR delivered Truck, Parts and Other gross margins of 12.3% in the first quarter. A core competency of DAF, Kenworth and Peterbilt manufacturing facilities is managing build rate fluctuations, gained from the normal cyclicality in our industry. The company is rigorously aligning operating costs to reflect changing market conditions, including selectively reducing capital investment and research & development costs. The first quarter included higher accruals for product support costs and lower used truck results. The company has achieved 81 consecutive years of profitability, managing through all business cycles.”

Kenworth Robotic Cab Build Cell, Chillicothe, Ohio


The following information was filed by Paccar Inc (PCAR) on Tuesday, April 21, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Paccar Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Cash Flows
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Accounting Policies (Policies)
Allowance For Credit Losses (Detail)
Amortized Cost Basis Of Finance Receivables By Credit Quality Indicator And Portfolio Class (Detail)
Amortized Cost Basis Of Finance Receivables That Are On Non-Accrual Status (Detail)
Amortized Cost Basis Of Financing Receivables By Aging Category (Detail)
Amortized Cost Basis Of Impaired Loans And Specific Reserve (Detail)
Amount Of (Income) Expense From Derivative Financial Instruments Recognized In Consolidated Statements Of Comprehensive Income (Detail)
Amounts Related To Cumulative Basis Adjustments For Fair Value Hedges (Detail)
Balance Sheet Classifications, Fair Value, Gross And Pro Forma Net Amounts Of Derivative Financial Instruments (Detail)
Basis Of Presentation
Basis Of Presentation (Tables)
Carrying Amount And Fair Value Of Financial Services Fixed-Rate Loans And Fixed-Rate Debt (Detail)
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Detail)
Changes In Product Support Liabilities (Detail)
Commitments And Contingencies
Components Of Comprehensive Income, Net Of Related Tax (Detail)
Components Of Net Pension Expense (Detail)
Contractual Maturities Of Marketable Debt Securities (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Dilutive And Antidilutive Options (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Expense (Income) Recognized In Earnings Related To Foreign-Exchange Contracts (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Finance And Other Receivables
Finance And Other Receivables (Detail)
Finance And Other Receivables (Tables)
Finance And Other Receivables - Additional Information (Detail)
Finance Receivable Evaluated And Determined Individually And Collectively (Detail)
Financial Assets And Liabilities Subject To Recurring Fair Value Measurements (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Detail)
Inventories (Tables)
Inventories - Additional Information (Detail)
Investments In Marketable Debt Securities
Investments In Marketable Debt Securities (Tables)
Investments In Marketable Debt Securities - Additional Information (Detail)
Marketable Debt Securities (Detail)
Marketable Debt Securities Continuous Unrealized Losses (Detail)
Pre- And Post-Modification Amortized Cost Basis Balances For Finance Receivables Modified By Portfolio Class (Detail)
Pre-Tax Effects Of Derivative Instruments Recognized In Oci (Detail)
Product Support Liabilities
Product Support Liabilities (Tables)
Product Support Liabilities - Additional Information (Detail)
Reclassifications Out Of Accumulated Other Comprehensive Income (Detail)
Sales And Revenues
Sales And Revenues (Tables)
Sales And Revenues - Additional Information (Detail)
Schedule Of Recognized Lease Income (Detail)
Schedule Of Revenues By Major Sources (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Reporting Information By Segment (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Summary Of Cumulative Effect Of The Changes Made For The Adoption Of Asu 2016-13 (Detail)
Summary Of Impaired Loans (Cash Basis Method) (Detail)
Tdrs Modified That Subsequently Defaulted (I.E., Became More Than 30 Days Past-Due) By Portfolio Class (Detail)

Material Contracts, Statements, Certifications & more

Paccar Inc provided additional information to their SEC Filing as exhibits

Ticker: PCAR
CIK: 75362
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-020820
Submitted to the SEC: Mon May 04 2020 4:07:15 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Motor Vehicles And Passenger Car Bodies

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