Welcome to our dedicated page for Rush Enterprises news (Ticker: RUSHB), a resource for investors and traders seeking the latest updates and insights on Rush Enterprises stock.
Rush Enterprises, Inc. reports developments tied to its commercial vehicle dealership network, Rush Truck Centers, and related aftermarket operations. The company sells new and used commercial vehicles from manufacturers such as Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird, and provides parts, service, collision repair, financing, insurance, leasing and rental offerings across the United States and Ontario, Canada.
Recurring updates include quarterly and annual earnings, absorption ratio trends, Class 8 truck demand, aftermarket parts and service performance, dividends, stock repurchase authorization, dealership network expansion and executive leadership changes.
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Rush Enterprises reported Q1 2023 revenues of $1.912 billion and net income of $90.5 million, maintaining earnings per diluted share at $1.60. Compared to Q1 2022, revenues rose by 22.3%, while net income slightly declined. The company benefited from strong demand for new commercial vehicles, particularly Class 4-7 trucks, achieving a significant aftermarket revenue growth of 19.3% to $648.2 million. A cash dividend of $0.21 per share was declared, payable on June 9, 2023, to shareholders recorded by May 10, 2023. The backlog for trucks stands at $4.210 billion. Despite challenges in the used truck market, Rush remains optimistic about continued production recovery and strong demand.