Rush Enterprises, Inc. Reports Second Quarter 2023 Results, Announces Three-For-Two Stock Split and $0.17 Per Share Dividend (Post-Stock Split)

SAN ANTONIO, July 25, 2023 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended June 30, 2023, the Company achieved revenues of $2.003 billion and net income of $98.3 million, or $1.75 per diluted share, compared with revenues of $1.791 billion and net income of $110.2 million, or $1.92 per diluted share, in the quarter ended June 30, 2022. On May 2, 2022, the Company closed on its acquisition of an additional 30% interest in Rush Truck Centres of Canada Limited, which resulted in a $9.8 million gain. Excluding the one-time gain related to the acquisition, the Company’s adjusted net income for the quarter ended June 30, 2022 was $100.4 million, or $1.75 per diluted share.

The Company’s Board of Directors declared a three-for-two stock split with respect to both the Company’s Class A and Class B common stock. The stock split will be effected in the form of a stock dividend payable on August 28, 2023, to shareholders of record as of August 7, 2023. Holders of the Company’s common stock will receive an additional one-half share for each share of common stock held as of the record date. The stock split will increase the number of outstanding shares of Class A common stock from approximately 41,690,232 to approximately 62,535,348 and will increase the number of outstanding shares of Class B common stock from approximately 12,140,108 to approximately 18,210,161. Additionally, the Company’s Board of Directors declared a cash dividend of $0.17 per share of Class A and Class B common stock, to be paid on September 22, 2023, to all shareholders of record as of September 7, 2023. “We remain dedicated to returning capital to our shareholders, and we are pleased to announce a post-stock split cash dividend of $0.17 per share. After the stock split, this represents a 21.4% increase in the quarterly cash dividend paid to our shareholders compared to the prior quarterly dividend,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc.