Rush Enterprises (RUSHA) will raise its quarterly dividend by 7.7 percent to $0.14 per share in 2020. This follows a dividend hike of 8.3 percent last year.

The cash dividend of $0.14 per share of Class A and Class B Common Stock, will be paid on September 10, 2020, to all shareholders of record as of August 7, 2020.

“Despite challenging market conditions and in recognition of management’s ability to effectively manage costs while also delivering superior customer service, our Board of Directors approved a $0.01 increase in our quarterly cash dividend, our second increase since we announced our intent to begin paying a quarterly cash dividend in July 2018 as part of our capital allocation strategy. This dividend increase represents a 7.7% increase over the first quarter of 2020 dividend and is further evidence of our intent to increase the dividend on an annual basis, although future declarations of dividends are subject to approval by the Company’s Board of Directors and may be adjusted as business needs or market conditions change,” explained Rush.  “In addition, we are lifting the previously announced suspension of our stock repurchase program, effective immediately. While we intend to be cautious on stock repurchases going forward, we believe that our cash position and business outlook are both strong enough to warrant resuming repurchasing activity,” he added.

Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry.  The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 100 dealership locations in 22 states.  These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, FUSO, IC Bus and Blue Bird.