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Rush Enterprises +1.7% post FY results

Feb. 13, 2020 9:14 AM ETRUSHABy: Pranav Ghumatkar, SA News Editor
  • Rush Enterprises RUSHA reports FY revenue decrease of 5.4% Y/Y to $5.81B.
  • Aftermarket Solutions: Accounted for ~64.9% of the Company's total gross profits in 2019, with parts, service and collision center revenues reaching $1.8B (+5.5% Y/Y).
  • The Company achieved an annual absorption ratio of 120.2% in 2019.
  • The Company delivered 14,986 new heavy-duty trucks (+2.2% Y/Y), 14,470 new medium-duty commercial vehicles (+11.7% Y/Y), 2,219 new light-duty commercial vehicles (+2.7% Y/Y) and 7,741 used commercial vehicles (-3.5% Y/Y).
  • Annual medium-duty truck sales significantly outperform the market.
  • Annual aftermarket growth outpaces industry.
  • Also, increased its lease and rental revenues by 3.9% Y/Y to $247.5M.
  • During 2019, the Company repurchased $58.3M of its common stock.
  • Continued to invest in long-term initiatives and ended the year in a strong financial position of $181.6M in cash and equivalents.
  • 2020 Outlook: ACT Research forecasts U.S. retail sales for Class 4-7 commercial vehicles to be ~253.4K units (-5.1% Y/Y).
  • Previously: Rush EPS misses by $0.33, misses on revenue (Feb. 12)
  • Previously: Rush declares $0.13 dividend (Feb. 12)

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