Rush Enterprises, Inc. (NASDAQ:RUSHA) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET
Company Participants
Rusty Rush - Chairman of the Board, Chief Executive Officer and President
Mike McRoberts - Chief Operating Officer
Steve Keller - Chief Financial Officer
Jay Hazelwood - Vice President and Controller
Michael Goldstone - Senior Vice President, General Counsel and Corporate Secretary
Conference Call Participants
Daniel Imbro - Stephens
Andrew Obin - Bank of America
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Rush Enterprises Report Second Quarter 2024 Earnings Results. At this time all participants are in a 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 bring recoded.
I would like now to turn the conference over to Rusty Rush, Chairman of the Board, Chief Executive Officer and President. Please go ahead.
Rusty Rush
Good morning. Welcome to our second quarter 2024 earnings release call. With me 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.
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 risk 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, 2023, and in our other filings with the Securities and Exchange Commission.
Rusty Rush
As indicated in our news release, we achieved second quarter revenues of $2 billion, and net income of $78.7 million or $0.97 per diluted share. We are proud to declare a cash dividend of $0.18 per common share an increase of 5.9% over our prior quarterly dividend, and our 8th increase since announcing our intent to begin paying quarterly cash dividend in July of 2018.
Despite the ongoing challenges we facing in our industry that are highlighted in our earnings release, I am pleased with our financial results in the second quarter. Past strategic initiatives, including expanding our breadth of product offering, investing in our sales force and technicians, and diversifying our customer base to name a few are helping produce significantly better results than we achieved during the last industry troughs in 2020 and 2016.