Rush Enterprises, Inc. (NASDAQ:RUSHA) Q2 2022 Earnings Conference Call July 27, 2022 10:00 AM ET
Company Participants
Rusty Rush - Chairman, Chief Executive Officer & President
Steve Keller - Chief Financial Officer
Conference Call Participants
Justin Long - Stephens
Jamie Cook - Credit Suisse
Andrew Obin - Bank of America
Matthew Brooklier - Gamco
Rusty Rush
Good morning. I hope everyone has been able to get through obviously a little new technology to the lakes this morning. We had a couple of e-mails with a couple of folks having trouble. But hopefully, everybody will get sorted out this morning and be able to join us for the call.
So I'm going to get started. Good morning and welcome to the Second Quarter 2022 Earnings Release Conference Call. On the 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 31, 2021 and our other filings with the Securities and Exchange Commission.
Rusty Rush
As indicated in our news release, we achieved second quarter revenues of $1.8 billion and net income of $110 million or $1.92 per diluted share. Earnings per share excluding the one-time gain related to our acquisition of a controlling interest in Rush Truck Centers Canada Limited or a $1.75 per diluted share. We are very proud of our accomplishments this quarter. Not only did we achieve record high quarterly profits, we also completed the conversion of our previously acquired Summit locations to our SAB businesses, acquiring additional 30% of Rush Truck Centers Canada Limited, repurchased $38.4 million of company stock and declared a cash dividend of $0.21 per common share or a 10.5% increase in our dividend and our fifth increase since 2018.
Our results in the second quarter were due primarily to a strong freight demand and healthy consumer spending. New truck production continues to be constrained because of component supply issues. But our Class 8 new truck sales substantially outpaced the industry.