Missouri Truck Dealer Visits Find Mixed Feedback With Paccar Raising Price A Key

研报英文原文证据摘录

Missouri Truck Dealer Visits Find Mixed Feedback With Paccar Raising Price A Key

Industrials | Machinery

May 14, 2026

David Raso Missouri Truck Dealer Visits Find Mixed

212-446-5647

david.raso@evercoreisi.com Feedback With Paccar Raising Price A Key

Oliver Liao Positive Nugget Though Parts Color (while

212-446-9444

oliver.liao@evercoreisi.com maybe just regional color, admittedly) Less

Jeff Morrison Reassuring 212-446-5652

jeff.morrison@evercoreisi.com • Thursday In Missouri: Spent today visiting dealer contacts in

Missouri (Daimler Freightliner, Traton International, Paccar

Peterbilt, Volvo, Paccar Kenworth, including “separate” Paccar

TRP parts stores). Two key focus points were how is production

build slot availability for the rest of 2026 as we draw closer to

the new EPA emission trucks for early 2027 (how much is supply

tightening and implications on pricing, competition, etc.) as well

as any color we could gather on parts & service. Given the soft

1Q in Parts results from less truck maintenance hours/parts

activity particularly bothered Paccar investors given that strong

growth in Parts is a key aspect of Paccar’s ability, or not, this

cycle to exceeding last cycle peak EPS of $9.61 (getting back to

last cycle peak gross margin of 19.3% is unlikely given that

period’s uniquely positive price-cost on truck sales, strong

growth in Parts this cycle benefiting sales mix enabling gross

margins to at least approach last peak, on overall higher company

revenues peak to peak, is very important).

• Key Positive Find Was Recent Paccar Truck Price Increase

(officially handled as reduced discounts to list for dealers

rather than higher market price) Balanced Against Slightly

More 2H Build Slot Availability (outside of Daimler