Rush Enterprises Inc

Latest Results (07.08.2024):

Revenue and Net Income

Rush Enterprises Inc. reported revenues of $2.027 billion for the second quarter of 2024, compared to $2.003 billion in the same quarter of 2023. The net income for the quarter was $78.7 million, or $0.97 per diluted share, down from $98.3 million, or $1.17 per diluted share, in the second quarter of 2023.

Dividend Announcement

The Board of Directors of Rush Enterprises Inc. declared a cash dividend of $0.18 per share of Class A and Class B Common Stock for the second quarter of 2024. This represents a 5.9% increase over the prior quarter's dividend. The dividend will be paid on September 10, 2024, to shareholders of record as of August 13, 2024.

Aftermarket Sales

Aftermarket products and services accounted for approximately 60.0% of Rush Enterprises Inc.'s total gross profit in the second quarter of 2024. The company reported parts, service, and collision center revenues totaling $627.4 million, a decrease of 3.6% compared to the second quarter of 2023. The quarterly absorption ratio was 134.0%, down from 139.7% in the same period last year.

Class 8 Truck Sales

Rush Enterprises Inc. sold 4,128 new Class 8 trucks in the second quarter of 2024, a 4.0% decrease compared to the same quarter in 2023. This accounted for 6.8% of the new U.S. Class 8 truck market. ACT Research forecasts a 15.8% decrease in U.S. retail sales of new Class 8 trucks for 2024 compared to 2023.

Class 4-7 Commercial Vehicle Sales

In the second quarter of 2024, Rush Enterprises Inc. sold 3,691 Class 4 through 7 medium-duty commercial vehicles, marking a 6.2% increase compared to the same period in 2023. This accounted for 5.7% of the total new U.S. Class 4 through 7 commercial vehicle market. ACT Research forecasts a 3.7% increase in retail sales for new Class 4 through 7 commercial vehicles in 2024 compared to 2023.