Rush Enterprises Q2 net income drops 20% to $78.7M; aftermarket revenue slips; dividend raised to $0.18

RUSH ENTERPRISES INC \TX\

2024-Q2 EPS reported $1.84 revenue$3,899,027,000

Revenue $2.027B (+1.2% YoY); net income $78.7M ($0.97 EPS) vs $98.3M ($1.17 EPS) in Q2 2023.
Aftermarket parts/service revenue $627.4M (-3.6% YoY); absorption ratio 134% vs 139.7% YoY.
New Class 8 truck sales 4,128 units (-4% YoY); medium-duty sales 3,691 units (+6.2% YoY).
Board declared $0.18/share cash dividend (+5.9% increase over prior quarter), payable Sept 10 to holders of record Aug 13.
Management expects freight recession to persist through year; Q3 Class 8 sales to soften; no meaningful recovery until 2025.

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