Rush Enterprises Inc. announced Monday it achieved revenues of $1.791 billion and net income of $110.2 million, for the quarter ended June 30, 2022, compared with revenues of $1.316 billion and net income of $58.0 million in the quarter ended June 30, 2021.
On May 2, 2022, the company closed on its acquisition of an additional 30 percent interest in Rush Truck Centres of Canada Limited, which resulted in a $9.8 million gain. Excluding the one-time gain related to the acquisition, the company’s adjusted net income for the quarter ended June 30, 2022 was $100.4 million, or $1.75 per diluted share. Additionally, the company’s board of directors declared a cash dividend of $0.21 per share of Class A and Class B common stock, to be paid on Sept. 12, 2022, to all shareholders of record as of Aug. 12, 2022.
“We are very proud of our strong financial performance in the second quarter, which resulted in record second quarter revenues and net profits,” says W.M. “Rusty” Rush, chairman, CEO and president, Rush Enterprises.
“Our second quarter results were largely the result of strong freight demand and generally healthy consumer spending, which continues to drive strong demand for new commercial vehicles and aftermarket services. New truck production capacity continues to be limited due to ongoing component part supply chain issues, but our Class 8 new truck sales substantially outperformed the market in the second quarter. In addition, we achieved strong aftermarket revenue growth due to strong demand for parts and service,” says Rush.
“Further, we continue to see growth and a strong financial impact in connection with our acquisition of 19 dealership locations from The Summit Truck Group in the fourth quarter of 2021. These additional locations, in addition to the 15 locations in Canada whose operating results are now consolidated into the company’s financials as a result of the acquisition of an additional 30 percent interest in Rush Truck Centres of Canada Limited and the $9.8 million gain associated therewith, positively impacted our financial performance in the second quarter,” he says.
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“Our board of directors approved a $0.02 increase in our quarterly cash dividend, our fifth increase since we announced our intent to begin paying a quarterly cash dividend in July 2018 as part of our capital allocation strategy. This dividend increase represents a 10.5 percent increase over the first quarter of 2022 dividend and is further evidence of our intent to increase the dividend on an annual basis, although future declarations of dividends are subject to approval by the company’s board of directors and may be adjusted as business needs or market conditions change. In addition, the dividend increase also reflects our continuing ability to return value to our shareholders while also investing in our company’s future,” says Rush.
