Beats 2Q20 Revenues... in a Recovery year forward earnings tend to be way too understated coz everyone is all Bear’d up...usually sell at a low multiple of Peak & a Super high multiple of Trough.
Stock ripping into #GoldenCross
#Reflation
now +65% off recent March Lows... now earnings show one why.
reports much better decrementals in Truck & Parts... one interesting anecdote is that Paccar Financial loan loss provisions were than expected at $7.5MM.. Bad debt getting better incrementally.
“US/Canada Class 8 market is rebounding as State & Local economies open up.”
“Achieved good quarterly revenues...Truck production & Aftermarket Sales Steadily increased as the quarter progressed.”
“Customers benefited from lower fuel costs & many sectors experienced higher freight volumes & improved freight pricing as the quarter progressed.”
“Class 8 truck industry orders in June were 28% higher than June last year.”
#Reflation
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