SAN ANTONIO, Texas, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that its Board of Directors approved a new stock repurchase program authorizing the Company to repurchase, from time to time, up to an aggregate of $150 million of its shares of Class A common stock, $.01 par value per share, and/or Class B common stock, $.01 par value per share. “I am pleased to announce ...

Sales Forecast - The company expects U.S. Class 8 retail truck sales to be 235,000 units in 2024, a 13.5% decrease compared to 2023, with an anticipated market share of 6.1% to 6.6%, resulting in approximately 14,500 to 15,500 new Class 8 truck sales [60]. - For U.S. Class 4 through 7 retail commercial vehicle sales, the forecast is 268,300 units in 2024, representing a 4.2% increase from 2023, with a market share of 5.0% to 5.4%, leading to approximately 13,500 to 14,500 new sales [61]. - The company expects to sell approximately 2,000 to 2,200 light-duty vehicles and 6,500 to 7,500 used commercial vehicles in 2024, with lease and rental revenue projected to remain flat compared to 2023 [62]. Revenue Performance - Revenues from Aftermarket Products and Services were slightly down year-over-year but improved compared to the second quarter, with expectations for flat to slightly down revenues in 2024 compared to 2023 [63]. - Total revenues decreased by $84.6 million, or 4.3%, in Q3 2024 compared to Q3 2023, primarily due to weak demand for Class 8 trucks [71]. - Aftermarket Products and Services revenues totaled $633.0 million in Q3 2024, down 1.6% from the previous year [72]. Profit Margins - The gross profit margin for new and used commercial vehicle sales was 29.0% in Q3 2024, down from 31.1% in Q3 2023, while Aftermarket products and services gross profit margin increased to 61.5% from 59.0% [67]. - Gross profit decreased by $15.4 million, or 3.6%, in Q3 2024, while gross profit as a percentage of sales increased to 20.0% [79]. - Gross margins from Aftermarket Products and Services decreased to 36.9% in the first nine months of 2024, down from 37.4% in the same period of 2023 [95]. Expenses and Costs - The company reported that administrative expenses as a percentage of total revenues decreased to 12.6% in Q3 2024 from 13.0% in Q3 2023 [66]. - SG&A expenses decreased by $17.4 million, or 6.8%, in Q3 2024, with SG&A as a percentage of total revenues at 12.6% [85]. - Net interest expense increased by $3.5 million, or 24.4%, in Q3 2024 due to higher vehicle inventory levels and elevated interest rates [86]. Inventory and Backlog - The company's backlog of commercial vehicle orders was approximately $1,332.9 million as of September 30, 2024, down from approximately $3,297.4 million a year earlier, reflecting decreased demand for new Class 8 trucks [123]. - The company anticipates filling most of its backlog orders during the remainder of 2024, despite the ongoing freight recession affecting demand [123]. Financing and Capital Expenditures - The company entered into a PLC Agreement for up to $375.0 million in revolving credit loans to finance capital expenditures, with a minimum balance requirement of $190.0 million [118]. - As of September 30, 2024, the company had approximately $1.0 billion outstanding under the Floor Plan Credit Agreement, with average daily borrowings of $975.8 million during the nine months ended September 30, 2024 [119]. - The company expects to purchase or lease commercial vehicles worth approximately $325.0 million to $350.0 million for its leasing operations during 2024 [103]. Market Conditions and Outlook - The company anticipates that declines in Aftermarket Products and Services revenues are behind them, expecting more normal market conditions starting in Q1 2025 [63]. - The company is exposed to market risk with total borrowings of $1,676.1 million as of September 30, 2024, with potential annual interest expense fluctuations of approximately $16.8 million for a 100 basis points change in interest rates [133]. - The company has transitioned its interest rate benchmarks from LIBOR to SOFR for certain agreements, impacting borrowing costs [119][122]. Operational Expansion - The company operates 124 franchised Rush Truck Centers across 23 states and has increased its equity interest in RTC Canada to 80%, which operates 15 International dealership locations [58]. - The company plans to continue expanding its dealership network through strategic acquisitions and new dealership openings to better serve customers [59]. Environmental Compliance - The company is subject to various environmental regulations that may impact operational costs and compliance requirements [126].

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

Most of us have heard the dictum "the trend is your friend." And this is undeniably the key to success when it comes to short-term investing or trading. But it isn't easy to ensure the sustainability of a trend and profit from it.Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate revisions, etc. -- ...

Have you been paying attention to shares of Rush Enterprises (RUSHA) ? Shares have been on the move with the stock up 15.3% over the past month. The stock hit a new 52-week high of $60.55 in the previous session. Rush Enterprises has gained 16% since the start of the year compared to the 20.7% move for the Zacks Retail-Wholesale sector and the -1% return for the Zacks Automotive - Retail and Whole Sales industry.What's Driving the Outperformance?The stock has an impressive record of positive earnings surpri ...

Revenues of $1.9 billion, net income of $79.1 millionEarnings per diluted share of $0.97Challenging market conditions impact aftermarket sales and overall financial performanceAbsorption ratio 132.6%Board declares cash dividend of $0.18 per share of Class A and Class B common stock SAN ANTONIO, Oct. 29, 2024 (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 quarter ended Sept ...

Rush Enterprises (RUSHA) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy. The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock ali ...

SAN ANTONIO, Texas, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA and RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced the winner of their sweepstakes to give away the last and only 2025 Peterbilt Model 389X ever produced, with proceeds benefitting Wounded Warrior Project® (WWP). The sweepstakes, sponsored by Rush Truck Centers, in conjunction with the Rush Enterprises Foundation, launched in March at the Mid-America Tru ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy. The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock ali ...