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Paccar

PCAR is the leader in the premium end of the Class 8 heavy duty diesel truck market with its Kenworth and Peterbilt nameplates. Trucks comprise the largest segment of the company's business, accounting for 76% of consolidated FY17 sales followed by Parts 17% while Financial Services accounted for the balance. Geographically, US accounted for the largest share of FY17 truck revenues at 54% followed by Europe at 28%, with "Other" at 18%. PCAR maintains captive finance operations through PFC and other international financial subsidiaries that are not part of PFC (notably Europe, Mexico, Australia). PCAR's Global Financial Services average earnings assets stood at $12.7 bn (1Q18) vs. a cyclical low of $7.6 bn in 2010. (25 Jun 2018)

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PACCAR: 3Q18 | Onwards and Upwards

Worth Watching: 23 Oct 2018, 11:56 PM ET - PACCAR (A1/A+) reported its third set of exceptional results in as many quarters, with a 3Q18 performance that was characterized by top and bottom line expansion reflecting strong global truck demand, record production rates, an all time high i ..
Focused

PACCAR Financial: New 3Y and 5Y Issuance

IG Note: 06 Aug 2018, 11:10 AM ET - PACCAR Fin is in the market this morning with 3Y $350 mn and 5Y $300 mn notes. We are at a market perform on the credit based on valuations but would view new issue concession as an opportunity to add exposure to this high-quality name
Focused

PACCAR: 2Q18 | Sustained Strength

Worth Watching: 24 Jul 2018, 10:19 PM ET - PACCAR (A1/A+) exceeded expectations in 2Q18, reporting record revenues driven by all-time high truck deliveries that increased in North America, Europe, Australia, and Brazil, as well as a record Parts performance. To that end, revenues from T ..

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.
Focused

PACCAR Financial: New $550 mn 3Y Issuance

IG Note: 07 May 2018, 9:53 AM ET - PACCAR Financial is in the markets this morning with a 3Y $550 mn issuance. We are at a market perform on the credit based on valuations but would view any new issue concession as an opportunity to add exposure to this high-quality name.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.
Focused

PACCAR: 1Q18 | Record Setting Performance

Worth Watching: 24 Apr 2018, 10:13 PM ET - PACCAR (A1/A+) reported a record-setting first quarter performance driven by record quarterly truck deliveries thanks to the firm's strong market share and robust global truck demand, as well as a record quarterly Parts performance. To that end ..

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

PACCAR Financial: New $400 mn 3Y Issuance

IG Note: 22 Feb 2018, 9:59 AM ET - PACCAR Financial is in the markets this morning with a 3Y $400 mn issuance. We are at a market perform on the credit based on valuations but would view any new issue concession as an opportunity to add exposure to this high-quality name.

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

PACCAR: 3Q17 | On The Upswing

Worth Watching: 24 Oct 2017, 11:57 PM ET - PACCAR (A1/A+) reported another set of strong results this quarter, as expanding North American market share, a robust European truck environment, and another set of record aftermarket parts results all contributed towards solid top and bottom ..

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.

Multi-Industrials: 2Q Review, Event Risk & More

Sector Analysis: 21 Aug 2017, 10:17 PM ET - In this report we broadly review earnings trends for nearly two dozen industrial credits, discuss companies with elevated event risk and also highlight new issuance candidates.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.
Focused

PACCAR: 2Q17 | The Worst Might Be Behind Us

Worth Watching: 25 Jul 2017, 9:38 PM ET - PACCAR (A1/A+) reported a set of solid second quarter results, as improving North American truck deliveries, continued strength in the European truck market, and a record-setting performance out of the Parts segment all contributed towards heal ..

CAT: 2Q17 | Starting to Fly; Moving to M/P

Earnings Note: 25 Jul 2017, 9:19 PM ET - Caterpillar delivered another round of strong results. With end-markets starting to turn, results gaining traction, and balance sheet options on the mend, we move from an Underperform to a Market perform on the credit.

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