PACCAR Inc. (NASDAQ:PCAR) Q3 2023 Results Conference Call October 24, 2023 12:00 PM ET
Company Participants
Ken Hastings - Director, IR
Preston Feight - CEO
Harrie Schippers - President, CFO
Conference Call Participants
Tami Zakaria - JP Morgan
Steve Volkmann - Jefferies
Chad Dillard - Bernstein
Rob Wertheimer - Melius Research
David Raso - Evercore ISI
Jerry Revich - Goldman Sachs
Steven Fisher - UBS
Tim Thein - Citi
Nicole DeBlase - Deutsche Bank
Matt Elkott - Cowen
Jeff Kauffman - Vertical Research Partners
Scott Group - Wolfe Research
Operator
Good morning, and welcome to PACCAR's Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Today's call is being recorded. [Operator Instructions].
I would now like to hand the call over to Mr. Ken Hastings, PACCAR's Director of Investor Relations. Mr. Hastings, please go ahead.
Ken Hastings
Good morning. We would like to welcome those listening by phone and those on the webcast. My name is Ken Hastings, PACCAR's Director of Investor Relations. And joining me this morning are Preston Feight, Chief Executive Officer; Harrie Schippers, President and Chief Financial Officer; and Brice Poplawski, Vice President and Controller.
As with prior conference calls, we ask that any members of the media on the line participate in a listen-only mode. Certain information presented today will be forward-looking and involve risks and uncertainties, including general economic and competitive conditions that may affect expected results. For additional information, please see our SEC filings and the Investor Relations page of PACCAR.
I would now like to introduce Preston Feight.
Preston Feight
Good morning. Harrie, Brice, Ken and I will update you on our record third quarter financial results and other business highlights. PACCAR's outstanding employees delivered this excellent performance by providing our customers with the highest quality trucks and transportation solutions in the industry.
PACCAR's third quarter net income increased 60% year-over-year to a record $1.23 billion and revenues increased 23% to $8.7 billion. Truck, Parts and Other gross margins expanded to 19.5% in the third quarter compared to 14.9% in the same period last year. PACCAR's global investments in innovative new DAF, Kenworth and Peterbilt trucks, as well as investments in technology and manufacturing were key elements in delivering this strong performance.
PACCAR Parts third quarter revenues increased to $1.58 billion. Parts pretax profits were $412 million or 10% higher than the same period last year. PACCAR Parts provides its customers with industry-leading technology that enhances their uptime.