Rush Enterprises reports Q1 EPS 88c vs. $1.07 last year

Reports Q1 revenue $1.872B vs. 1.912B last year. “As we expected, with new Class 8 truck production having caught up to the pent-up market demand and persistent low freight rates and high interest rates, we experienced a decline in our new Class 8 truck sales in the first quarter,” said W.M. “Rusty” Rush, Chairman, CEO, and President of Rush Enterprises. “Demand for aftermarket parts and services was flat compared to the first quarter of 2023, largely resulting from those previously noted economic factors, which directly affect over-the-road customers, our largest customer segment. All of these factors had a negative impact on our revenues and profitability this quarter,” he said. “However, we experienced healthy growth in aftermarket demand from public sector, refuse, and medium-duty leasing customers. In addition, we outpaced industry with respect to the medium-duty truck sales market, growing 9.6% in new Class 4-7 truck sales compared to the Q1 of 2023, and we executed well on our used truck inventory and sales strategy, though we believe used truck values may decline further,” he added.