PACCAR Inc Post Q2 update: Truck market building some momentum

研报英文原文证据摘录

PACCAR Inc Post Q2 update: Truck market building some momentum

Global Research

29 July 2026ab

PACCAR Inc Equities

United StatesPost Q2 update: Truck market building some

momentum Land Transportation Equipment

12-month rating Neutral

12m price target US$139.00Solid Q2 on NA truck deliveries and margins

Prior : US$122.00

We are raising our estimates and price target on PACCAR following Q2 earnings. The

solid Q2 was driven by a beat on NA truck production while parts growth missed again. Price (29 Jul 2026) US$136.65

Neither of these outcomes was particularly surprising, but the margins (14.4%) were RIC: PCAR.O BBG: PCAR US

much better than expected (13.5% guide). It was not clear how much the tariff benefit

was in the quarter that helped the margins (PCAR cited local for local production). Trading data and key metrics

Similarly, it was surprising that the Q3 margin forecast of 14.5% was only 10bps higher 52-wk range US$138.21-93.00

sequentially on 3,300 higher units. Europe has summer shutdowns, so that can be a Market cap. US$71.9b

restraining factor for margins, but still, the outcome is surprising. It's likely that Q2 Shares o/s 526m (COM)

margins had some extra benefits, and the higher volume in Q3 does step up the margins Free float 90%

in Q3. Avg. daily volume ('000) 3,136

Avg. daily value (m) US$375.1

PACCAR reduced the upper end of parts growth expectations as we expected.

Surprisingly, PCAR did not raise or narrow its US/Canada retail truck forecast, but is Common s/h equity (12/26E) US$21.8b

focused on the mid point. P/BV (12/26E) 3.3x

Net debt to EBITDA (12/26E) 1.5x

2027 product strategy: PACCAR now expects to delay launch of new products in

2027 to prove outperformance over time and pass along the nonconformance EPS (UBS, diluted) (USD)

penalties. 12/26E