Business
Rush Enterprises, Inc. Reports Fourth Quarter and Year-End 2019 Results, Announces $0.13 Per Share Dividend
Record annual revenues of $5.8 billion; net income of $141.6 millionAnnual earnings per diluted share of $3.77Annual absorption ratio 120.2%Annual medium-duty
About this update from Rush Enterprises, Inc.
[{"type":"text","content":"Record annual revenues of $5.8 billion; net income of $141.6 millionAnnual earnings per diluted share of $3.77Annual absorption ratio 120.2%Annual medium-duty truck sales significantly outperform the marketAnnual aftermarket growth outpaces industry4th quarter revenues of $1.3 billion; net income of $23.8 millionBoard declares cash dividend of $0.13 per share of Class A and Class B common stock SAN ANTONIO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the year ended December 31, 2019, the Company achieved record revenues of $5.8 billion and net income of $141.6 million, or $3.77 per diluted share, compared with revenues of $5.5 billion and net income of $139.1 million, or $3.45 per diluted share, for the year ended December 31, 2018. During 2018, the Company incurred a non-cash charge to amortization expense and a charge to selling, general and administrative expense totaling $20.9 million associated with the upgrade and replacement of certain components of the Company’s Enterprise Resource Planning software platform (ERP Platform). Excluding the charge related to the ERP Platform, the Company’s adjusted net income in 2018 was $154.9 million, or $3.85 per diluted share. Additionally, the Company’s Board of Directors declared a cash dividend of $0.13 per share of Class A and Class B Common Stock, to be paid on March 17, 2020, to all shareholders of record as of February 25, 2020.\n “We are pleased with our strong financial performance in 2019,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “Though we experienced declines in new Class 8 truck sales and aftermarket products and services sales in the fourth quarter, our overall performance for the full year 2019 was strong, primarily due to a healthy economy and activity throughout the markets we support. In addition, the successful execution of our strategic initiatives continues to contribute to our parts and service revenue growth, and we gained market share in our new medium-duty truck sales,” he added. “I want to thank our employees who continue to inspire me with their dedication to our customers and to our company’s success. It is only because of their hard work that we were abl...