United States

• Ford Motor Co. said Monday it was suspending construction of its $3.5 billion electric-vehicle (EV) battery plant in the U.S. midwestern state of Michigan, where it had planned to manufacture batteries using technology licensed from Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.31%).

• “We’re pausing work and limiting spending on construction on the Marshall project until we’re confident about our ability to competitively operate the plant,” Ford spokesperson T.R. Reid said in a statement emailed to Caixin.

• “There are a number of considerations. We haven’t been specific about what they are, nor made any final decision about the planned investment there,” Reid said.

• Taiwan’s AI supply chain names have fallen over the last month, yet many have still outperformed Nvidia by a wide margin over the last six months.
• We don’t want to sell our Nvidia despite market risks — We believe a basket of Taiwan AI stocks can act as a Short to hedge a Long Nvidia position.
• Shorting a basket of Wistron, Quanta, Gold Circuit, and Asia Vital Components can act as a hedge vs. a Long Nvidia position. Below we explain why.

• VF Corporation delivered a mixed result in the past quarter, with revenues above anticipations, but it failed to surpass the analyst consensus in terms of earnings.
• While their on-time performance and in-stock percentages were both back in line with their expectations, lead times concluded the quarter at typical levels.
• Vans experienced a 22% decline in the quarter and was significantly impacted by the brand’s expected 40% decline in wholesale sales in the Americas.

• This is a special one-time report on Emerald Holding that is creating ripples in the news circuit, courtesy of the exploration endeavors by its predominant shareholder, Onex.
• Emerald Holding, though operating with a low profile, has been wielding a silent yet significant influence over the events sphere.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• HEICO Corporation managed to exceed the revenue and earnings expectations of Wall Street.
• These results primarily represent a 12% quarterly consolidated organic net sales growth and the impact of acquisitions.
• In the quarter, The Flight Support Group’s net sales grew 23% to $405 million, up from $330.3 million in the third quarter of fiscal 2022.

• This is a special one-time report on PROS Holdings which has garnered attention due to speculation around a potential sale, as noted in a Reuters report.
• Despite its significant role and contributions to various industries, including airlines, PROS has encountered notable challenges, struggling to achieve profitability.
• Thus, the pertinent questions that arise are related to the feasibility of an acquisition of PROS Holdings and the potential premium that early investors might garner from such a transaction.

• This is a special one-time research report on United States Cellular Corporation (UScellular).
• In light of recent announcements, the company emerges as a subject of intricate valuation and examination for potential investors and acquisition entities.
• With the strategic review underway without a definitive completion timetable, it’s crucial for investors to understand the merits and demerits of UScellular as an acquisition target.

• Best Buy delivered a positive result and managed an all-around beat last quarter.
• While absorbing more significant incentive compensation costs than Best Buy saw last year, the company managed to maintain level SG&A costs.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• The return of higher crude oil prices could result in Texas Pacific Land (TPL) reporting higher than expected revenue in the third and fourth quarters of 2023
• TPL does not hedge its exposure to energy prices, which would have an outsize benefit when prices move higher like they have in the third quarter
• Crude oil production has been rising even though total rig count has also declined from levels reached earlier in the year

• The Cigna Group exceeded analyst expectations in revenue and earnings, fueled by ongoing growth across its varied portfolio of companies.
• Cigna produced total revenues of $48.6 billion, adjusted earnings per share of $6.13, and cash flow from operations of $2.5 billion in the quarter.
• Another strong quarter was experienced by the company’s market-leading pharmacy, care, and benefits portfolio at Evernorth Health Services.

• Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
• We assess Hunt Oil’s ESG as “Adequate”, in line with its Social and Governance scores. However, the Environmental pillar is “Weak”. Controversies are “Immaterial” but Disclosure is “Weak”.
• Hunt Oil Company of Peru LLC, Sucursal del Peru (HOCP) is a wholly owned, indirect subsidiary of Hunt Oil Company, one of the largest privately owned hydrocarbon companies in the US.

• Intercontinental Exchange, Inc. had a strong quarter, with adjusted earnings per share of $1.43, an increase of 8% over the prior year.
• In the Exchange segment, net revenues totaled $1.1 billion, up 9% over the prior year.
• Also, because of these improvements, they have seen a roughly 60% increase in energy volume performed through their ICE Chat platform over the first half of this year.

• Despite a sluggish macro environment, Microchip Technology’s quarterly earnings were solid due to resilient end markets and broad client base.
• The company’s net sales increased 2.5% sequentially and 16.6% annually to reach $2.29 billion.
• From a product line standpoint, their mixed-signal microcontroller net sales hit another all-time high, increasing 0.8% sequentially and 22.5% annually in the quarter.

• M&T Bank Corporation delivered an all-around beat in the previous quarter.
• The quarter’s net income was $867 million, a 24% increase over the previous quarter.
• Trust income dropped from $194 million in the first quarter to $172 million in the most recent quarter.

• Celanese Corporation’s results were a major disappointment as it failed to meet the revenue expectations as well as earnings expectations of Wall Street.
• Additionally, $150 million in M&M synergies, aided by the first-quarter SAP integration, are anticipated to enhance cost savings.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Twilio Inc. delivered a positive result and managed an all-around beat in the last quarter, exceeding its revenue and profit targets and producing a significant quarterly non-GAAP revenue from operations of $120 million.
• Twilio had a successful quarter in communications and continues to see encouraging signs of stabilization across its client base.
• Their management believes that bookings will recover toward the end of the year and that revenue growth will resume throughout 2024.

• Fox delivered decent results in the quarter, with revenue growth of 7%, including 12% growth in advertising, supported by significant tentpole events like the midterm elections, Super Bowl LVII, and the FIFA Men’s World Cup, as well as outstanding growth of Tubi and 3% affiliate growth driven by the first third of its distribution renewal cycle.
• These results show that Fox’s distinctive strategy continues to produce engaged audiences at scale for its distribution and advertising partners across its sports and news verticals while also propelling remarkable growth throughout its digital businesses.
• For the ninth consecutive quarter, the FOX News Channel concluded the fourth quarter as the most-watched cable network overall.

• Micron’s FY4Q23 results beat expectations. The company expects to return to a positive margin by FY2H24, however projected a higher FY1Q24 loss than consensus expected.
• As suggested would be the case in our pre-results piece, the company said it sees memory prices bottoming and expects improving pricing and profitability ahead for the industry.
• While next quarter’s guidance may be weaker than some expected, we believe the key take-away is that Micron is seeing a memory prices bottom.

• ARLO reporting better than expected third quarter results would rely on paid subscriber additions remaining on their current trajectory
• The pause in ARLO’s stock price creates greater upside potential as ARLO demonstrates its ability to generate positive earnings and free cash flow with each passing quarter
• ARLO has released a new line up of Essential cameras. ARLO had previously indicated it would update its Essentials cameras this year ahead of the holidays

• Block, Inc. managed to surpass analyst prospects in terms of revenue as well as earnings, with gross profit reaching $1.87 billion, marking a 27% increase year-over-year.
• Turning to the performance of Square and Cash App, Square achieved $888 million in gross profit, reflecting an 18% increase year-over-year.
• The Buy Now, Pay Later (BNPL) platform contributed $84 million of gross profit to both Square and Cash App in the second quarter, with GMV reaching $6.4 billion, a 22% year-over-year increase.

• Take-Two Interactive Software delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.
• Notable successes were observed in titles like Graft Theft Auto Online, Grand Theft Auto V, and NBA 2K23, surpassing projections.
• The launch of San Andreas Mercenaries for Grand Theft Auto Online brought fresh content, including new missions, vehicles, and fan-requested improvements.

• In the fourth quarter, Parker-Hannifin achieved a decent performance across all aspects of its operations.
• Safety remained a top priority, with a remarkable 20% reduction in recordable incidents, placing the company in the top quartile for safety.
• Sales for the quarter reached a record-breaking $5.1 billion, marking a substantial 22% increase compared to the previous year, with organic growth contributing to 6% of this growth.

• Royalty Pharma plc delivered a strong result and managed an all-around beat last quarter.
• As a result, the company delivered adjusted EBITDA growth of 4% for the quarter, substantially in line with the team’s top-line growth.
• The company’s total royalty receipts increased by 1%.

• Tyson Foods, Inc. delivered disappointing results as the company could not meet the revenue and earnings expectations of Wall Street.
• Lower profitability in their Beef and Chicken segments accounted for more than 90% of the reduction in adjusted operating profit.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• DaVita Inc. exceeded analyst expectations in revenue and earnings, with $432 million in adjusted operating revenue and $2.08 in adjusted profits per share.
• These outcomes were driven by advancements in their financial trinity of treatment volume, revenue per treatment, and patient care expenses.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Henry Schein delivered a mixed set of results in the recent quarter with revenues falling short of Wall Street expectations but above-par earnings.
• Strong equipment sales and steady general merchandise sales, along with continued strength in technology and value-added services, implants, biomaterials, and endodontic products, have contributed to this performance.
• The technology and value-added services business, including Henry Schein One, is experiencing global growth, driven by cloud-based practice management software and revenue cycle management services.

• ACM Research is a bit of an oddball stock. It’s a US listing of a Chinese company, with 82% ownership of the Chinese subsidiary.
• The US listing is the parent company and has been in the crossfire of US-China trade tensions for years.
• It is probably the best Chinese Semicap company and has real orders with multinational companies, notably SK Hynix.

• Axonics (AXNX US) believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.
• The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.
• With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.

• Fortinet Inc. delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
• Their quarter was marked by impressive total revenue growth of 26%, driven primarily by solid service revenue expansion exceeding 30% for the second consecutive quarter.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Skyworks Solutions Inc. delivered a revenue beat in the most recent quarterly result with earnings on par with Wall Street expectations.
• The company reported $1.071 billion in revenue and earnings per share of $1.73.
• The company also made strides in diversifying its portfolio, particularly in automotive and infrastructure markets, resulting in double-digit year-over-year revenue growth.

• The third quarter could become a defining moment for NETGEAR (NTGR) and its stock price.
• With less than a week left in the third quarter, we have observed how the return of seasonality has reduced the frequency and depth of discounts
• Seasonality has not been present in NTGR’s business since 2019. As a result, investors might be neglecting the lift in demand NTGR could experience

• Jacobs Solutions delivered a decent set of quarterly results, marked by substantial gross and adjusted net revenue growth, well above Wall Street expectations.
• Gross income increased, with adjusted net income growing year-over-year.
• Notably, the company’s gross margin slightly decreased, primarily due to factors related to PA Consulting.

• Cardinal Health Inc. delivered a positive result and managed an all-around beat last quarter.
• The Pharma segment demonstrated remarkable profit growth of 13%, and the company generated significant adjusted free cash flow amounting to $2.8 billion.
• Cardinal Health pursued determined actions to advance its strategic imperatives, streamlining its operations, optimizing its organizational structure, and instituting fundamental leadership changes.

• After market close on September 26, MillerKnoll reported 1QFY24, beating estimates on significantly above-forecasted gross margin and modestly better-than-estimated sales.

• Our tabular analysis compares its 1QFY24 results with 1QFY23 and our 1QFY24 estimates.

• The beat notwithstanding, MillerKnoll’s results were below 1QFY23, which benefited from ~$77 million in sales due to a 14th week.

• ConocoPhillips delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.
• The company executed several significant agreements and acquisitions, including purchasing the remaining 50% of Surmont, a valuable asset expected to contribute substantial free cash flow.
• Despite commodity price volatility, the company delivered an underlying solid performance, achieving significant global and Lower 48 production and raising yearly production guidance.

• We’ve expected to see 4300-4325 act as major support on SPX, while also expecting consolidation between 4300-4325 support and 4600 resistance until the end of September, and possibly longer.
• Still possible this 4300-4325 support holds, but odds of a deeper pullback to SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar (DXY) and Treasury yields 
• Also adding to concerns: 1+ year uptrend violations on $IWO/$IWP, and breakdowns below 34,280 on the Dow, $180 on IWM, $472 on SOXX, $81 on ITB, and $104-$105 on XLI

Boku reported H123 revenue growth of 26% y-o-y to $38.2m, with a growing and now material contribution from local payment methods (LPMs). Adjusted EBITDA was 28% higher and the margin expanded by 0.7pp, as upside from higher revenues was partially offset by further investment to support LPMs. We have revised up our forecasts to reflect faster growth in total payment volumes (TPV) partially offset by higher investment in Boku’s payments network.

• Airbnb delivered a solid result and managed an all-around beat in the recent quarterwith over 115 million Nights and Experiences Booked, resulting in revenue of $2.5 billion, marking an 18% year-over-year growth.
• Net income for the quarter stood at $650 million, reflecting a net income margin of 26%, the highest second-quarter margin ever achieved.
• Additionally, free cash flow reached $900 million, a 13% increase from the previous year, with a trailing 12-month free cash flow of $3.9 billion and a margin of 43%.

• Palantir Technologies maintained a GAAP operating income in Q2 and achieved GAAP profitability for the quarter.
• In Q2, Palantir closed deals in the US commercial market in about 30 sectors, including pharmaceuticals, energy, consumer goods, utilities, health care, construction, automotive, transportation infrastructure, etc.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Akamai Technologies, Inc. delivered a positive result and managed an all-around beat last quarter.
• Akamai is pursuing a completely different approach to cloud computing, making it fully distributed with many more points of presence than typical systems provide.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• BlackLine, Inc. surpassed the revenue expectations as well as the earnings expectations of Wall Street.
• BlackLine generated $145 million in total revenue in the quarter and $31 million in non-GAAP net profitability.
• BlackLine also completed its largest middle market transaction ever, driven by the demand for cutting-edge solutions to challenging intracompany workflows.

• Lyft, Inc. delivered significant results in the quarter.
• Revenue increased by 3% year over year to $1.021 billion.
• In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.

• Monster Beverage Corporation generated below par revenues in the last quarter and its earnings were on par with market expectations.
• The rise in gross profit as a percentage of net sales was primarily due to price actions, lower freighting expenses, and higher aluminum can costs.
• Besides that, the company introduced The Beast Unleashed in the quarter.

• Viatris Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.
• The company exceeded its expectations in the quarter, delivering total revenues of $3.9 billion, or about 2% year-over-year growth on an operational adjusted basis, as well as adjusted EBITDA of $1.3 billion and free cash flow of $447 million.
• Tyrvaya’s bridge program was improved during the quarter to boost value per script and produce the greatest quarterly TRx launch.

• EOG Resources, Inc. managed to surpass the revenue and earnings expectations of Wall Street.
• This quarter, they emphasized improved drilling performance in the South Powder River Basin, Mowry, and Ohio Utica Combo plays.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then
• IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend
• We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024

• The Kroger Co. delivered a mixed result in the recent quarter, with revenues below market expectations but surpassing the analyst consensus regarding earnings.
• The total effect on operating profit during the second quarter was somewhat positive, and they expect this to continue for the remainder of the year.
• Besides these results, their healthcare subsidiary, Kroger Health, entered into a collaborative partnership with Performance Kitchen to provide medically customized meals (MTMs).

• Micron’s earnings results will be released September 27th. We expect the company to describe a trough for memory pricing happening now and provide a positive outlook for rising prices.
• Micron and Nanya Tech have outperformed SK Hynix recently. Our ‘reversion catch up’ trade has worked. Going forward we believe Micron looks compelling on a relative basis.
• SK Hynix was ahead of peers developing HBM DRAM needed for AI. However, Micron could now convince the market it can catch up by focusing on the next advanced version.

• Hyatt Hotels Corporation’s results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations.
• The ongoing transformation of Hyatt is gaining momentum, with second-quarter results reinforcing their confidence in executing the strategy outlined during the Investor Day in May.
• Hyatt has set ambitious targets, aiming to achieve $750 million in free cash flow and an 80% asset-light earnings mix by 2025.

• The coming week has the rebalance implementation for the NIFTY family of indices on Thursday and the Nikkei 225 (NKY INDEX) on Friday.
• The review period for the December rebalance of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and the HSCI Index ends on Friday.
• Inflows to mainland China ETFs resumed following a pause as markets continue to trade weak.

• Splunk shares outperformed in 2023 and rose ~69% as total ARR exceeded $4B, operating loss narrowed, and FCF margin improved. The company executed well to drive long-term durable growth.
• Over the past 2 years, Splunk transformed itself into a cloud company. In 2022, WSJ reported that Cisco made a $20B+ takeover offer. However, no deal was on the table. 
• Following M&A rumors, the company’s cloud transition, and strong fundamentals, Cisco offered a $157 per share to acquire Splunk in a $28B mega all-cash deal on September 21, 2023. 

• Teleflex managed to exceed analyst expectations in terms of revenue as well as earnings.
• Adjusted earnings per share for the same period were $3.41, reflecting a 0.6% increase compared to the previous year.
• The company observed a continued stabilization in hospital staffing, positively affecting second-quarter revenue growth, particularly in products tied to hospital settings.

• Trimble delivered a strong result and managed an all-around beat in the last quarter.
• Financially, Trimble demonstrated a robust performance, delivering an EBITDA margin of 25.3% and a strong gross margin of 64.2%, surpassing previous years.
• In the quarter, Trimble introduced LIMS PRO, a cloud-hosted iteration of its LIMS for sawmill raw material procurement.

• Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth in both sales and earnings.
• This growth was underpinned by a global volume increase of 11% for the quarter, with contributions from all three therapeutic areas and geographical regions.
• Notable highlights included a 21% volume growth in their General Medicine segment and robust performance in the Asia Pacific region.

• ZoomInfo Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
• In the second quarter, ZoomInfo reported $309 million in revenue and an adjusted operating income of $126 million, boasting a margin of 41%.
• While examining customer health, the company anticipates that budgetary constraints and downward renewal pressures will persist in the near future, resulting in adjusted full-year expectations of 12% revenue growth.

• IPG Photonics Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
• They achieved substantial revenue growth in the welding and cleaning applications, led by robust e-mobility and handheld welding solution sales.
• Additionally, 3D printing and solar cell manufacturing applications have seen increased revenue as a result of better investments in these industries.

• We are raising our estimates following an upbeat conference call and follow-up with SCS management.

• Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance.

• Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance.

• Soybean ranks as the most traded crop globally. It comprises 10% of the total value of global agriculture trade.
• The Americas comprise >80% of total global production. China mops up ~60% of global imports and is primarily used to feed massive livestock.
• Soybean is more prone to shocks from geopolitical disruptions. Weather also impacts Beans. El Niño favours Soybean yields.

Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for amyloid light chain amyloidosis (ALA). This occurred approximately a month after the announced ODD for multiple myeloma (MM), the other indication that Immix is pursuing with NXC-201. The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee (c $3m for a new drug). ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. Achieving ODD in both MM and ALA marks an important development for the progress of NXC-201, which has shown encouraging signs on both the clinical and regulatory fronts. We believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be a significant catalyst for the company.

• Caterpillar managed to exceed analyst expectations in terms of revenue as well as earnings, with sales and revenues soaring by 22%, primarily driven by increased sales volume and price realization.
• This remarkable growth extended across all three primary segments: Construction Industries, Resource Industries, and Energy & Transportation, with sales to users registering a substantial 16% increase year-over-year.
• Energy & Transportation also witnessed a remarkable increase in sales to users across all applications, including oil and gas, power generation, industrial, and transportation.

• F5 Networks Inc. delivered an all-around beat in the most recent quarterly result.
• F5 also continues to observe increased maintenance attach rates on older deployments due to customers worrying about their existing assets.
• Their product revenue increased by 1%, their systems revenue increased by 5%, and their software revenue decreased by 3%.

• Advanced Micro Devices Inc. (AMD) delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings, showcasing strategic execution and notable achievements.
• Despite a year-over-year decline in revenue, the company reported steady performance compared to the previous quarter.
• The data center segment experienced sequential growth, primarily attributed to cloud providers’ accelerated adoption of the fourth-gen EPYC CPUs.

• ANSYS Inc. delivered a solid result and managed an all-around beat in the last quarter, surpassing its financial guidance across all key metrics.
• During Q2, the company reported reliable performance, beating its ACV, revenue, operating margin, and EPS guidance.
• Total revenue for the quarter exceeded expectations, reflecting the positive impact of ACV outperformance and the mix of license types sold.

• Fleetcor Technologies managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• Both print revenue growth and organic revenue growth stood at 10% for the quarter.
• While Q2 print revenue benefited from acquisition revenue, it was offset by lower fuel prices.

• Freeport-McMoRan Inc. delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus regarding earnings.
• Despite this setback, Freeport-McMoRan outperformed expectations, achieving a lower-than-expected unit net cash cost of 47 per pound.
• This, combined with solid copper prices, resulted in robust margins and an impressive EBITDA of 14 billion.

• Lumen Technologies, Inc. delivered a mixed result in the quarter, with revenues below anticipations but surpassed the Wall Street consensus regarding earnings.
• The total revenue was $3.661 billion, decreased 2.1% sequentially.
• In the quarter, free cash flow was negative $896 million, including $938 million in taxes paid in connection with their two divestitures from the previous year.

• Marizyme, Inc. (MRZM) is a fast-growing biomedical company with a powerful multi-technology platform.

• At the forefront is DuraGraft (DG), which has already demonstrated improved outcomes and lower costs for cardiac care through clinical trials and actual implementation in select overseas markets.

• In addition to continued ‘OUS’ expansion, MRZM is readying for the implementation of DG in US markets, pending FDA approval.

• PACCAR Inc. managed to exceed analyst expectations in terms of revenue and earnings.
• PACCAR Parts reported double-digit revenue growth, accompanied by substantial pretax profit increases.
• PACCAR Financial Services also contributed positively to the company’s strong quarter, benefiting from an excellent portfolio and favorable used truck results.