Rush Enterprises, Inc. announced third-quarter 2024 revenues of $1.896 billion, a 4.3% decrease compared to $1.981 billion in the third quarter of 2023. Net income for the quarter was $79.1 million, or $0.97 per diluted share, compared to $80.3 million, or $0.96 per diluted share, in the prior year period. The company recognized a one-time pre-tax charge of approximately $3.3 million, or $0.03 per share, related to property damage from Hurricane Helene.
Aftermarket products and services revenues totaled $633.0 million, a 1.6% decrease year-over-year, but accounted for approximately 61.5% of the company's total gross profit. New Class 8 truck sales decreased by 16.7% to 3,604 units, while new Class 4-7 commercial vehicle sales increased by 4.2% to 3,379 units, demonstrating strength in medium-duty segments. Used commercial vehicle sales also saw a slight increase of 1.8% to 1,829 units.
The Board of Directors declared a cash dividend of $0.18 per share of Class A and Class B Common Stock, payable on December 12, 2024. Additionally, the company announced a leadership transition, with Michael McRoberts stepping down as Chief Operating Officer effective October 31, 2024, and Jason Wilder assuming the role of Chief Operating Officer effective November 1, 2024. Management anticipates a slow recovery in new Class 8 truck sales until later in 2025, but expects Class 8 and Class 4-7 new commercial vehicle sales to improve in the fourth quarter compared to the third quarter.
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