Yahoo Finance Heavy Transportation Equipment Stocks Q1 In Review: PACCAR (NASDAQ:PCAR) Vs Peers
Looking back on heavy transportation equipment stocks' Q1 earnings, we examine this quarter's best and worst performers, including PACCAR (NASDAQ:PCAR) and its peers.
Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. Additionally, they are increasingly offering automated equipment that increases efficiencies and connected machinery that collects actionable data. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings.
The 10 heavy transportation equipment stocks we track reported a solid Q1; on average, revenues beat analyst consensus estimates by 2.2%. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, and while some of the heavy transportation equipment stocks have fared somewhat better than others, they collectively declined, with share prices falling 4.3% on average since the previous earnings results.
PACCAR (NASDAQ:PCAR)
Founded more than a century ago, PACCAR (NASDAQ:PCAC) designs and manufactures commercial trucks of various weights and sizes for the commercial trucking industry.
PACCAR reported revenues of $8.24 billion, up 2.3% year on year, in line with analysts' expectations. It was a very strong quarter for the company, with an impressive beat of analysts' organic revenue estimates.
The stock is down 10.5% since the results and currently trades at $101.72.
Best Q1: Wabtec (NYSE:WAB)
Also known as Wabtec, Westinghouse Air Brake Technologies (NYSE:WAB) provides equipment, systems, and its related software for the railway industry.
Wabtec reported revenues of $2.50 billion, up 13.8% year on year, outperforming analysts' expectations by 4.4%. It was an exceptional quarter for the company, with an impressive beat of analysts' organic revenue and earnings estimates.
The stock is up 4.3% since the results and currently trades at $154.87.
Is now the time to buy Wabtec? Access our full analysis of the earnings results here, it's free.
Weakest Q1: Wabash (NYSE:WNC)
Headquartered in Indiana, Wabash National (NYSE:WNC) is a diversified industrial company, mainly producing semi-trailers and liquid transportation systems.
Wabash reported revenues of $515.3 million, down 17% year on year, in line with analysts' expectations. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
The stock is down 15.1% since the results and currently trades at $21.85.
Read our full analysis of Wabash's results here.
Cummins (NYSE:CMI)
Having produced the first commercially available diesel engine in 1933, Cummins (NYSE:CMI) designs and manufactures engines used in cars, trucks, heavy machinery, and other types of vehicles.
Cummins reported revenues of $8.40 billion, down 0.6% year on year, falling short of analysts' expectations by 0.5%. It was a weak quarter for the company, with a miss of analysts' revenue estimates.
Cummins had the weakest performance against analyst estimates among its peers. The stock is down 4.5% since the results and currently trades at $271.17.
Read our full, actionable report on Cummins here, it's free.
Federal Signal (NYSE:FSS)
Known for its iconic “Q-Siren” in American fire trucks, Federal Signal (NYSE:FSS) produces emergency vehicle lighting and industrial signaling equipment.
Federal Signal reported revenues of $424.9 million, up 10.2% year on year, falling short of analysts' expectations by 0.2%. It was a mixed quarter for the company, with an impressive beat of analysts' earnings estimates.
The stock is down 3.4% since the results and currently trades at $82.35.
Read our full, actionable report on Federal Signal here, it's free.
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