Rush Enterprises, Inc. (NASDAQ:RUSHA) Q3 2022 Earnings Conference Call October 26, 2022 10:00 AM ET
Company Participants
Rusty Rush - Chairman, CEO and President
Steve Keller - CFO
Mike McRoberts - COO
Conference Call Participants
Jamie Cook - Credit Suisse
Andrew Obin - Bank of America
Operator
Good day and thank you for standing by. Welcome to the Rush Enterprises Incorporated Reports Third Quarter 2022 Earnings Results. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to turn the call over to Rusty Rush, CEO, President and Chairman of the Board. Please go ahead.
Rusty Rush
Good morning and welcome to our third quarter 2022 earnings release conference call. On call today are Mike McRoberts, Chief Operating Officer; Steve Keller, Chief Financial Officer; Jay Hazelwood, Vice President and Controller, and Michael Goldstone, Vice President, General Counsel and Corporate Secretary.
Now, Steve will say a few words regarding forward-looking statements.
Steve Keller
Certain statements we will make today are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Because these statements include risks and uncertainties, our actual results may differ materially from those expressed or implied by such forward-looking statements.
Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in our annual report on Form 10-K for the year ended December 31st, 2021 and in our other filings with the Securities and Exchange Commission,
Rusty Rush
As indicated our news release, which achieved third quarter revenues of $1.86 billion, net income of $90.4 million, or $1.59 per diluted share. We're -- excuse me, we're proud to declare a cash dividend of $0.21 per common share.
We're pleased with their results in the third quarter, which were largely driven by pent-up demand for new commercial vehicles and continued strong demand for aftermarket parts and service. New truck production remains limited due to component suppliers, but our Class 8 new truck sales significantly outperformed the industry.
Our results were also positively impacted by 17 locations in the South and Midwest acquired in the fourth quarter of 2021 and 15 locations in Canada, where those operating results are now included in our financials due to our additional investment in Rush Truck Centers of Canada Limited.