Financial Performance - Revenues for Q2 2025 were $1.931 billion, a 4.8% decrease from $2.027 billion in Q2 2024; net income was $72.4 million, or $0.90 per diluted share, down from $78.7 million, or $0.97 per diluted share in the same period last year [2][19]. - Total revenue for Q2 2025 was $1,930,707, a decrease of 4.8% compared to $2,027,028 in Q2 2024 [32]. - Net income attributable to Rush Enterprises, Inc. for Q2 2025 was $72,438, down 8.5% from $78,661 in Q2 2024 [32]. - New and used commercial vehicle sales revenue for Q2 2025 was $1,191,504, a decline of 8.4% from $1,300,308 in Q2 2024 [32]. - Basic earnings per share for Q2 2025 was $0.93, compared to $1.01 in Q2 2024, reflecting a decrease of 7.9% [32]. - Net income attributable to Rush Enterprises, Inc. for the twelve months ended June 30, 2025, was $286,644,000, a decrease of 7.1% from $308,594,000 in the previous year [39]. - Adjusted EBITDA for the twelve months ended June 30, 2025, was $442,740,000, down 6.1% from $471,340,000 in the prior year [39]. - Free cash flow for the twelve months ended June 30, 2025, was $402,387,000, a significant improvement from a negative $58,181,000 in the previous year [40]. - Adjusted free cash flow for the twelve months ended June 30, 2025, was $664,657,000, compared to $319,303,000 in the prior year, reflecting a 108.1% increase [40]. Revenue Sources - Aftermarket products and services generated $636.3 million in revenue, accounting for approximately 63.0% of total gross profit, reflecting a 1.4% increase compared to Q2 2024 [6][20]. - Parts and service sales increased slightly to $636,258 in Q2 2025 from $627,431 in Q2 2024, representing a growth of 1.3% [32]. - Leasing and rental revenue reached $93.1 million, up 6.3% compared to Q2 2024, despite a decrease in rental utilization rate [17]. Sales Performance - New U.S. Class 8 truck sales decreased by 20.3% year-over-year, with the company selling 3,178 units, representing 5.4% of the U.S. Class 8 truck market [10][11]. - New Class 4-7 commercial vehicle sales increased by 1.0% year-over-year, with the company selling 3,626 units, capturing 6.2% of the U.S. Class 4-7 market [13][14]. Shareholder Returns - The company declared a cash dividend of $0.19 per share, marking a 5.6% increase over the previous quarter, to be paid on September 12, 2025 [2][22]. - Dividends declared per common share increased to $0.18 in Q2 2025 from $0.17 in Q2 2024 [32]. - The company repurchased $83.9 million of its common stock during Q2 2025, totaling $121.4 million of the $200 million authorized by the Board [21]. Operational Efficiency - The absorption ratio for Q2 2025 was 135.5%, slightly up from 134.0% in Q2 2024, indicating strong operational efficiency [7][6]. - The absorption ratio for Q2 2025 was 135.5%, up from 134.0% in Q2 2024, indicating improved operational efficiency [35]. Debt and Assets - Total assets as of June 30, 2025, were $4,715,774, an increase of 2.1% from $4,617,547 as of December 31, 2024 [30]. - Total debt (GAAP) decreased to $1,625,129 in Q2 2025 from $1,760,423 in Q2 2024, a reduction of 7.7% [37]. - Adjusted total debt (non-GAAP) was $3,497 in Q2 2025, down from $4,036 in Q2 2024 [37]. - The company’s adjusted net debt (cash) as of June 30, 2025, was $(207,609,000), compared to $(163,230,000) in the previous year, indicating a worsening leverage position [42]. Future Outlook - The company expects aftermarket performance to remain stable with potential for modest growth in Q3 2025, despite ongoing economic uncertainty [9]. - The company anticipates that new Class 8 truck sales may decrease sequentially in Q3 2025 due to economic and regulatory uncertainties [12].
Rush Enterprises(RUSHB) - 2025 Q2 - Quarterly Results