Business
Rush Enterprises, Inc. Reports Fourth Quarter and Year-End 2022 Results, Announces $0.21 Per Share Dividend
Annual revenues of $7.1 billion; net income of $391.4 millionAnnual earnings per diluted share of $6.85Record high revenues and profitability due to increased
About this update from Rush Enterprises, Inc.
[{"type":"text","content":"Annual revenues of $7.1 billion; net income of $391.4 millionAnnual earnings per diluted share of $6.85Record high revenues and profitability due to increased number of dealerships and strong demand for new Class 8 trucks and aftermarket parts and services4th quarter revenues of $1.9 billion; net income of $98.3 millionBoard declares cash dividend of $0.21 per share of Class A and Class B common stock SAN ANTONIO, Texas, Feb. 15, 2023 (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, 2022, the Company achieved revenues of $7.1 billion and net income of $391.4 million, or $6.85 per diluted share, compared with revenues of $5.1 billion and net income of $241.4 million, or $4.17 per diluted share, for the year ended December 31, 2021. 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 March 16, 2023, to all shareholders of record as of February 27, 2023. “We are very proud of our team and our record-setting financial performance in 2022. Our 2022 financial results mark the successful achievement of our previously announced strategic financial goals of achieving $7 billion in revenue with a 5% pre-tax return on sales, and demonstrates our ability to execute on our strategy,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “During 2022, pent-up demand caused by supply constraints, and an overall healthy economy led to strong demand for new heavy-duty vehicles and aftermarket parts and services. We significantly outpaced the industry in Class 8 new truck sales in 2022, due in part to the timing of large fleet deliveries early in the year. We also achieved year-over-year growth in Class 4-7 new commercial vehicle sales, due in part to pent-up demand arising from limited new medium-duty commercial vehicle production over the past few years. With respect to aftermarket products and services, we grew our aftermarket revenues in 2022 by 32.3% year-over-year, in part due to strong demand resulting from a healthy freight market and continued constraints on new truck production. In addition, we expanded our technician workforce and reinforced our fo...