Financial Performance - Revenues for Q3 2024 were $1.896 billion, a decrease of 4.3% from $1.981 billion in Q3 2023, with net income of $79.1 million or $0.97 per diluted share[1] - Total revenue for the three months ended September 30, 2024, was $1,896,133, a decrease of 4.2% compared to $1,980,740 for the same period in 2023[24] - Net income attributable to Rush Enterprises, Inc. for the three months ended September 30, 2024, was $79,132, a decrease of 1.8% from $80,278 in the same period of 2023[25] - Gross profit for the nine months ended September 30, 2024, was $1,161,305, down from $1,207,022 in the same period of 2023, reflecting a decrease of 3.8%[24] Sales and Market Performance - The company sold 3,604 new Class 8 trucks in Q3 2024, a decrease of 16.7% compared to Q3 2023, capturing 5.3% of the new U.S. Class 8 truck market[8] - New Class 4 through 7 commercial vehicle sales increased by 4.2% year-over-year, with 3,379 units sold in Q3 2024[11] - ACT Research forecasts a 12.5% decrease in U.S. and Canadian retail sales of new Class 8 trucks for 2024, totaling 264,000 units[8] Expenses and Charges - The company recognized a one-time, pre-tax charge of approximately $3.3 million related to Hurricane Helene in Q3 2024[1] - Leasing and rental revenue decreased by 0.4% year-over-year, attributed to a slight decrease in rental utilization[15] - The company reported a finance and insurance revenue of $5,780 for the three months ended September 30, 2024, down from $6,317 in the same period of 2023, a decrease of 8.5%[24] Assets and Liabilities - Current assets increased to $2,460,393 as of September 30, 2024, from $2,260,304 as of December 31, 2023, representing an increase of 8.8%[23] - Total assets reached $4,648,471 as of September 30, 2024, up from $4,364,241 as of December 31, 2023, indicating a growth of 6.5%[23] - Total current liabilities increased to $1,752,032 as of September 30, 2024, compared to $1,673,310 as of December 31, 2023, reflecting an increase of 4.7%[23] - Long-term debt, net of current maturities, decreased to $399,674 as of September 30, 2024, from $414,002 as of December 31, 2023, a reduction of 3.5%[23] Shareholder Returns and Equity - The company declared dividends of $0.18 per common share for the three months ended September 30, 2024, compared to $0.17 for the same period in 2023[25] - Total Shareholders' Equity (GAAP) increased to $2,083,145 thousand as of September 30, 2024, from $1,899,612 thousand, marking a growth of 9.7%[35] - Adjusted Invested Capital (Non-GAAP) rose to $1,902,057 thousand from $1,711,772 thousand, an increase of 11.1%[35] Cash Flow and Debt - Free Cash Flow (Non-GAAP) was negative at $(72,111) thousand for the twelve months ended September 30, 2024, compared to $(34,427) thousand in the prior year[33] - Adjusted Free Cash Flow (Non-GAAP) decreased to $398,156 thousand from $442,138 thousand, a decline of 9.9%[33] - Total Debt (GAAP) increased to $1,815,461 thousand as of September 30, 2024, from $1,568,733 thousand a year earlier, representing a 15.7% increase[30] - Adjusted Total Debt (Non-GAAP) decreased slightly to $3,985 thousand from $4,148 thousand year-over-year[30] EBITDA and Interest Expense - EBITDA (Non-GAAP) for the twelve months ended September 30, 2024, was $543,608 thousand, down from $588,673 thousand in the previous year, a decrease of 7.7%[32] - Adjusted EBITDA (Non-GAAP) also decreased to $472,169 thousand from $541,867 thousand, reflecting a decline of 12.8%[32] - Interest expense increased to $70,603 thousand for the twelve months ended September 30, 2024, compared to $45,877 thousand in the previous year, a rise of 54.1%[32] Market Outlook - The company expects a typical seasonal decline in aftermarket results in Q4 2024 but anticipates slow improvement in market conditions in Q1 2025[7] - The absorption ratio for Q3 2024 was 132.6%, slightly down from 132.8% in Q3 2023[5] - The company reported an absorption ratio of 132.6% for the three months ended September 30, 2024, compared to 132.8% for the same period in 2023[28]
Rush Enterprises(RUSHB) - 2024 Q3 - Quarterly Results