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Sep 30, 2023
Rush Enterprises Q3 2023 Earnings Report
Rush Enterprises reported strong Q3 2023 results driven by demand for new commercial vehicles and strategic focus on national accounts.
Key Takeaways
Rush Enterprises reported revenues of $1.981 billion and net income of $80.3 million, or $0.96 per diluted share, for the third quarter ended September 30, 2023. The results were driven by continued demand for new commercial vehicles and a focus on national accounts, despite challenges in the over-the-road customer segment.
Revenues reached $1.981 billion with a net income of $80.3 million.
Earnings per diluted share were $0.96.
The company's absorption ratio was 132.8%.
A cash dividend of $0.17 per share of Class A and Class B common stock was declared.
Forward Guidance
The company anticipates Q4 financial performance to be consistent with Q3 results, factoring in normal seasonal softness.
Positive Outlook
- New commercial vehicle production is approaching normal levels.
- Demand for new commercial vehicles is expected to remain strong.
- The company is focused on adding service technicians, especially mobile service technicians.
- The company is focused on supporting large fleet customers throughout the network.
- Rental utilization rates are expected to remain solid.
Challenges Ahead
- Used truck demand and values are expected to remain low.
- Economic conditions are negatively impacting over-the-road customers.
- The industry may experience some deflation with respect to the prices of certain commodity parts.
- Some truck body companies continue to have difficulty keeping pace with build rates, which may negatively impact certain commercial vehicle deliveries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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