PACCAR Inc. (NASDAQ:PCAR) Q2 2024 Earnings Conference Call July 23, 2024 12:00 PM ET

Company Participants

Ken Hastings - Director of Investor Relations
Preston Feight - Chief Executive Officer
Harrie Schippers - President and Chief Financial Officer
Brice Poplawski - Vice President and Controller

Conference Call Participants

Steven Volkman - Jefferies
Steven Fisher - UBS
Tami Zakaria - JPMorgan
Angel Castillo - Morgan Stanley
Jamie Cook - Trist
David Raso - Evercore ISI
Jerry Revich - Goldman Sachs
Chad Dillard - Bernstein
Rob Wertheimer - Melius Research
Nicole DeBlase - Deutsche Bank
Kyle Menges - Citigroup
Scott Group - Wolfe Research
Michael Feniger - Bank of America Merrill Lynch
Jeffrey Kauffman - Vertical Research Partners
Miguel Borrega - BNP Paribas
Tim Thein - Raymond James

Operator

Good morning and welcome to PACCAR’s Second Quarter 2024 Earnings Conference Call. All lines will be in a listen-only mode until the question-and-answer session. Today’s call is being recorded and if anyone has any objection, they should disconnect at this time.

I would now like to introduce 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 that may affect expected results. For additional information, please see our SEC filings and the Investor Relations’ page of paccar.com.

I would now like to introduce Preston Feight.

Preston Feight

Hey, good morning. Harrie, Brice, Ken and I will update you on our excellent second quarter results and business highlights. I’d like to start by saying thank you to PACCAR's great employees who provide our customers with the best trucks and transportation solutions in the world. They are really an impressive group of people.

PACCAR's excellent revenues of $8.8 billion and net income of $1.12 billion were due to the strong performance of truck and parts operations around the world. PACCAR Parts second quarter revenues increased to $1.7 billion. Parts pre-tax profits were $414 million with 30.3% gross margin. PACCAR Financial achieved good pre-tax income of $111 million. And truck, parts, and other gross margins were very strong 18% in the second quarter.