Welcome to our dedicated page for Rush Enterprises news (Ticker: RUSHA), a resource for investors and traders seeking the latest updates and insights on Rush Enterprises stock.
Rush Enterprises Inc is the leading solutions provider in the North American commercial vehicle industry. The company operates the largest network of commercial vehicle dealerships in the country, representing top manufacturers such as Peterbilt, International, Hino, Isuzu, and more. With a focus on sales, parts, service, financing, and leasing, Rush Enterprises offers a one-stop solution to meet all customer needs. Additionally, the company's commitment to innovation and customer service sets it apart in the market.
Recent achievements include key executive changes, such as Michael McRoberts stepping down as COO and Scott Anderson's retirement. The company's financial results for the first quarter of 2024 were strong, despite industry challenges. With a focus on aftermarket parts and services, commercial vehicle sales, and leasing and rental operations, Rush Enterprises continues to drive growth and success in the industry.
Rush Enterprises (NASDAQ: RUSHA & RUSHB) reported Q2 2024 results with revenues of $2.027 billion and net income of $78.7 million, or $0.97 per diluted share. This compares to revenues of $2.003 billion and net income of $98.3 million, or $1.17 per diluted share, in Q2 2023. The company faced challenging market conditions, including weak demand for Class 8 trucks and aftermarket parts due to the ongoing freight recession and high interest rates. Despite this, Rush Enterprises maintained strong performance in certain sectors, such as public and vocational segments. The company's Board declared a cash dividend of $0.18 per share, a 5.9% increase over the prior quarter. Rush Enterprises sold 4,128 new Class 8 trucks and 3,691 Class 4-7 medium-duty vehicles in Q2 2024. The company achieved an absorption ratio of 134.0% and expects market conditions to remain challenging in the near term.
Rush Enterprises, operator of the largest commercial vehicle dealership network in North America, will release its Q2 2024 earnings on July 31, 2024, after market close. A conference call to discuss the results is scheduled for August 1, 2024, at 10:00 a.m. Eastern/9:00 a.m. Central. Interested parties can register for the call online, and a replay will be available for those unable to attend the live broadcast.
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