Q3 2024 Rush Enterprises Inc Earnings Call Transcript
Key Points
- Rush Enterprises Inc (RUSHA) reported solid third-quarter revenues of $1.9 billion and net income of $79.1 million, despite challenging market conditions.
- The company declared a cash dividend of 18¢ per share for both class A and class B common stock.
- Rush Enterprises Inc (RUSHA) saw good activity from class eight vocational and public sector customers, with medium-duty demand holding up well.
- The aftermarket segment showed slight revenue improvement over the second quarter, particularly in service sales.
- Used truck sales increased by 1.8% year over year, with depreciation rates stabilizing and effective inventory management contributing positively.
- The company incurred a one-time pretax charge of $3.3 million due to hurricane-related property damage.
- Low freight rates and high interest rates continue to challenge the demand for class eight trucks.
- Parts, service, and body shop revenues were down 1.6% from the third quarter of 2023, despite a slight increase from the previous quarter.
- High inventory levels across the industry are expected to keep pricing competitive, making sales challenging through the first half of 2025.
- The company faces ongoing challenges in hiring and retaining entry-level technicians, impacting service capabilities.
Thank you for standing by. Welcome to Rush Enterprise Inc Reports. Third quarter, 2024 earnings results. At this time, all participants are in a listen-only mode after the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automated message I in your hand is raised to withdraw the question. Please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to your speaker today. Rusty Rush, Chairman of the board, Chief Executive Officer and President, sir. Please go ahead.
Well, good morning and welcome to our third quarter, 2024 earnings release call with me on the call are Jason Wilder, incoming Chief Operating Officer; Steve Keller, Chief Financial Officer; Jay Hazelwood, Vice President, Controller; and Michael Goldstone, Senior Vice President, General counsel and corporate
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
