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Rush Enterprises, Inc. (NASDAQ:RUSHA, RUSHB))))), which operates the largest network of commercial vehicle dealerships in North America, today announced that its Board of Directors approved a new stock repurchase program authorizing the Company to repurchase, from time to time, up to an aggregate of $150 million of its shares of Class A common stock, $.01 par value per share, and/or Class B common stock, $.01 par value per share.
"I am pleased to announce the approval of a new $150 million stock repurchase program, an increase of 50% over the amount authorized for the prior stock repurchase plan," said W.M. "Rusty" Rush, Rush Enterprises' Chairman, Chief Executive Officer and President. "This announcement reflects our confidence to execute on our recently updated five-year strategy, which includes a revenue goal of $10 billion with a 6% pre-tax return on sales, as well as other operational goals. In 2017, we developed a strategy to grow revenue to $7 billion with a 5% pre-tax return on sales by 2022, and we are well on our way to achieving those financial goals. The strategic investments we have made in recent years have substantially improved our quality of earnings and increased our earnings power in both the peaks and troughs that are inherent in the commercial vehicle industry. We believe that our strong free cash flow will allow us to continue to invest in our growth strategy while also continuing to return capital to shareholders, as evidenced by our acquisition of 17 dealership locations from The Summit Truck Group in December 2021, our acquisition of an additional 30% equity interest in Rush Truck Centres of Canada Limited in May 2022, our repurchase of over $90 million worth of shares of our common stock under our prior stock repurchase program and our regular quarterly dividend totaling $44.6 million in 2022," Rush added.
This new stock repurchase program replaces the Company's prior $100 million stock repurchase program. As of November 30, 2022, the Company had purchased $93.1 million worth of shares of its common stock under the prior repurchase program, which was scheduled to expire on December 31, 2022, and was terminated effective December 1, 2022.
Repurchases under the new program will be made at times and in amounts as the Company deems appropriate and may be made through open market transactions at prevailing market prices, privately negotiated transactions or by other means in accordance with federal securities laws. The actual timing, number and value of repurchases under the new stock repurchase program will be determined by management in its discretion and will depend on a number of factors, including market conditions, stock price and other factors. The new stock repurchase program expires on December 31, 2023, and may be suspended or discontinued at any time.
