Rush Enterprises reports Q2 EPS 97c, consensus 76c

Reports Q2 revenue $2B, consensus $1.86B.”Despite persistent market challenges, including weak demand for Class 8 trucks and aftermarket parts and services due to the lingering freight recession and high interest rates, we are pleased with our financial performance in the second quarter,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer, and President of Rush Enterprises. “Although low freight rates continue to plague over-the-road carriers, our largest customer segment, we are experiencing continued strength in certain other key customer segments, including the public sector and vocational segments, which positively impacted our Class 8 truck sales revenues. Class 4-7 commercial vehicle sales remained steady, and we executed well on our used truck pricing and inventory strategies,” he continued. “However, along with the rest of the industry, we experienced a decrease in demand for aftermarket parts and services during the quarter, which negatively impacted our aftermarket results. Due to our diverse customer base and continued focus on our strategic initiatives, we believe we kept pace with the market from a parts sales perspective and outperformed the industry with respect to our service sales,” he added.