Rush Enterprises(US:RUSHB)2024-04-23 22:19Financial Performance - Revenues for Q1 2024 were $1.872 billion, a 2.1% decrease from $1.912 billion in Q1 2023, with net income of $71.6 million or $0.88 per diluted share compared to $90.5 million or $1.07 per diluted share in the same period last year [21]. - Total revenue for Q1 2024 was $1,871,999, a decrease of 2.1% from $1,911,767 in Q1 2023 [35]. - Gross profit for Q1 2024 was $389,875, down from $398,769 in Q1 2023, representing a decrease of 2.2% [35]. - Net income attributable to Rush Enterprises, Inc. for Q1 2024 was $71,608, a decline of 20.9% compared to $90,455 in Q1 2023 [35]. - Net Income (GAAP) for the twelve months ended March 31, 2024, was $328,208, a decrease of 15.7% from $389,384 in 2023 [42]. - Adjusted EBITDA (Non-GAAP) for the twelve months ended March 31, 2024, was $496,255, down 11.5% from $560,390 in 2023 [42]. - Free Cash Flow (Non-GAAP) for the twelve months ended March 31, 2024, was $(309,377), compared to $64,793 in 2023, indicating a significant decline [43]. - Net cash provided by operations (GAAP) decreased to $48,194 in 2024 from $352,610 in 2023, a decline of 86.3% [43]. Sales Performance - New Class 8 truck sales decreased by 20.0% year-over-year, with 3,494 units sold, representing 6.0% of the U.S. Class 8 truck market [12]. - New Class 4-7 truck sales increased by 9.6% year-over-year, with 3,331 units sold, accounting for 5.4% of the U.S. Class 4-7 truck market [15]. - The company sold 1,818 used commercial vehicles, an 8.0% increase compared to Q1 2023, despite challenging market conditions [18]. - New and used commercial vehicle sales revenue decreased to $1,123,319 in Q1 2024 from $1,161,725 in Q1 2023, reflecting a decline of 3.3% [35]. - The company anticipates steady demand for new Class 4-7 trucks for the remainder of the year, with expectations for improved sales in Q2 2024 [17]. Dividends and Stock Repurchase - The company declared a cash dividend of $0.17 per share, to be paid on June 10, 2024 [2]. - The company declared dividends of $0.17 per common share in Q1 2024, up from $0.14 in Q1 2023 [35]. - The company repurchased $5.6 million of its common stock in Q1 2024, totaling $73.2 million of the $150.0 million authorized by the board [24]. Market Conditions and Outlook - The company expects the freight recession to continue into at least late 2024, impacting new Class 8 truck sales and overall financial performance [5]. - Leasing and rental revenues increased by 1.4% compared to Q1 2023, supported by the delivery of new leased vehicles [23]. Assets and Liabilities - Total assets increased to $4,629,006 as of March 31, 2024, compared to $4,364,241 as of December 31, 2023, marking a growth of 6.1% [33]. - Total debt (GAAP) rose to $1,910,907 in Q1 2024 from $1,410,572 in Q1 2023, an increase of 35.4% [40]. - Total shareholders' equity (GAAP) increased to $1,935,502 as of March 31, 2024, from $1,810,670 in 2023, reflecting a growth of 6.9% [45]. - Adjusted Invested Capital (Non-GAAP) rose to $1,783,671 in 2024, compared to $1,588,594 in 2023, marking an increase of 12.3% [45]. Expenses - Interest expense increased significantly to $59,907 in 2024 from $28,888 in 2023, representing a rise of 107.5% [42]. - Depreciation and amortization expenses rose to $61,266 in 2024, up from $56,305 in 2023, an increase of 8.7% [42]. - The absorption ratio for Q1 2024 was 130.1%, down from 136.5% in Q1 2023 [38]. - Cash and cash equivalents decreased to $155,905 as of March 31, 2024, from $226,292 as of March 31, 2023 [40]. - Adjusted net debt (cash) for Q1 2024 was $(151,831), an improvement from $(222,076) in Q1 2023 [40]. - The company reported a loss on the sale of assets of $864 in 2024, compared to a gain of $2,404 in 2023 [42].