Rush Enterprises, Inc. (NASDAQ:RUSHA) Q4 2023 Earnings Conference Call February 14, 2024 10:00 AM ET

Company Participants

Rusty Rush - President and Chief Executive Officer

Steven Keller - Chief Financial Officer

Conference Call Participants

Justin Long - Stephens Inc.

Andrew Obin - Bank of America

Operator

Hello, and thank you for standing by. Welcome to Rush Enterprises, Inc. Reports Fourth Quarter 2023 Earnings Results. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Rusty Rush, President, CEO, and Chairman of the Board. Sir, you may begin.

Rusty Rush

Well, good morning, and welcome to our fourth quarter and year-end 2023 earnings release call. On the call are Mike McRoberts, Chief Operating Officer; Steve Keller, Chief Financial Officer; Jay Hazelwood, Vice President and Controller; and Michael Goldstone, Senior Vice President, General Counsel and Corporate Secretary.

Now, Steve will say a few words regarding forward-looking statements.

Steven 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, 2022, and in our other filings with the Securities and Exchange Commission.

Rusty Rush

As indicated in our news release, we achieved annual revenues of $7.9 billion, and net income of $347 million or $4.15 per diluted share. In the fourth quarter, we achieved revenues of $2 billion, and net income of $78 million or $0.95 per diluted share. In addition, we are pleased to declare a cash dividend of $0.17 per common share.

Throughout 2023, there was pent-up demand for new commercial vehicles due to limited production over the past few years. With respect to new Class 8 trucks, that pent-up demand was largely fulfilled by the end of 2023. With respect to the Class 4-7 commercial vehicles, demand remained solid. The manufacturers we represent were able to increase production throughout the year, which led us to significantly – I believe, this is significantly outpacing the industry with respect to new Class 4-7 commercial vehicle sales.