Rush Enterprises, Inc. reported full-year 2024 revenues of $7.8 billion, a decrease from $7.9 billion in 2023. Net income for the year was $304.2 million, or $3.72 per diluted share, compared to $347.1 million, or $4.15 per diluted share, in 2023. Excluding one-time charges, adjusted net income for 2024 was $306.7 million, or $3.75 per diluted share.
For the fourth quarter of 2024, the company reported revenues of $2.01 billion, which was flat year-over-year, and net income of $74.8 million, or $0.91 per diluted share. Aftermarket products and services revenues for the full year were $2.5 billion, down 1.8% from 2023, but accounted for 60.4% of total gross profits. New Class 8 truck sales for 2024 decreased by 11.4% to 15,465 units, while new Class 4-7 commercial vehicle sales increased by 5.1% to 13,935 units.
The company expanded its network in 2024 by adding two Rush Truck Centers locations in Nebraska, including a full-service Peterbilt dealership in Grand Island and a Peterbilt parts and service location in North Platte. Additionally, new parts and mobile service locations were added in California and Texas, along with a Custom Vehicle Solutions facility in Yuma, Arizona, enhancing vehicle modification capabilities. The Board of Directors declared a cash dividend of $0.18 per share, payable on March 18, 2025.
Looking to 2025, Rush Enterprises anticipates new Class 8 truck sales to be challenging in the first half before accelerating in the second half, expecting to keep pace with the market. The company projects continued growth in Class 4-7 market share and expects aftermarket operations to outperform the market, despite initial weakness. Management is monitoring proposed tariffs that could impact vehicle and component costs, and believes EPA's 2027 'Clean Diesel' regulations will drive pre-buy activity later in the year.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.