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$PCAR 1Q15 10-Q: Cash and cash equivalents were $1,565MM vs. $1,738MM in 1Q14-end. Total weighted average numbers of common diluted shares outstanding were 356.1MM vs. 356MM in 1Q14. Total cash and marketable debt securities at 1Q15-end decreased $217.7MM from balances at 4Q14-end primarily due to a decrease in cash and cash equivalents.
$PCAR's BoD declared an extra cash dividend of $1.20 per share, payable on Jan. 4, 2018 to stockholders of record on Dec. 14, 2017. The BoD also declared a regular quarterly cash dividend of $0.25 per share, payable on March 6, 2018 to stockholders of record on Feb. 13, 2018.
Truck maker $PCAR reported lower 4Q16 earnings, hurt by reduced sales and revenues compared to 4Q15. Net income was $288.8MM, or $0.82 per share compared to $347.2MM, or $0.98 per share during 4Q15. Net sales and revenues fell to $3.76Bil during the quarter.
$PCAR's BoD declared extra cash dividend of $0.60 per share, payable on Jan. 6, 2017 to stockholders of record on Dec. 16, 2016. The BoD also declared a regular quarterly cash dividend of $0.24 per share, payable on March 7, 2017 to stockholders of record on Feb. 14, 2017.
$PCAR's estimate of retail sales for 2016 US and Canadian Class 8 truck market is a range of 215,000-225,000 units. The company estimates US and Canadian Class 8 truck industry retail sales will be in a range of 200,000-230,000 units in 2017. $PCAR global truck deliveries in 4Q16 are estimated to be about 5% lower than 3Q16.
$PCAR expects the 2017 European heavy truck market to be in a range of 260,000-290,000 units. The US economy is growing 1.5% this year. US housing starts will grow 6% to 1.2MM units and the automotive industry will deliver 17.2MM vehicles comparable to last year's record sales.
$PCAR delivered 34,900 trucks in 3Q16. Deliveries in Europe were 4% higher than last year, with deliveries in the US and Canada reflecting a lower market, partially offset by strong share growth. The company has raised 2016 forecast for Europe's greater than 16-tonne market to a range of 290,000-300,000, reflecting strong demand & a steady economy.
$PCAR achieved truck, parts and other GMs of 14.7% in 3Q16, driven by Peterbilt, Kenworth and DAF's premium products, a robust European truck market, strong parts sales & rigorous cost control. Kenworth and Peterbilt achieved record quarterly Class 8 market share of 31% in the US and Canada. DAF grew YTD heavy-duty market share in Europe to 15.6%.
$PCAR reported lower earnings in 3Q16, hurt by decreased sales and revenues, compared to 3Q15. Net income was $346.2MM or $0.98 per diluted share compared to $431.2MM or $1.21 per diluted share. Net sales and revenues fell from last year to $4.25Bil in the quarter.
$CMI said it will partner with Peterbilt Motors, division of $PCAR, to develop and demonstrate technologies under U.S. Department of Energy (DOE) SuperTruck II program. The DOE will fund 4 projects to develop and demonstrate technologies that more than double freight efficiency of Class 8 trucks, commonly known as 18-wheelers, over 2009 baseline.