Rush Enterprises Inc., (which operates the largest network of heavy-duty and medium-duty truck dealerships in North America and a John Deere construction equipment dealership in Houston, Texas, said first-quarter revenues totaled $497.9 million.
That’s a 23.9 percent increase from gross revenues of $402.0 million reported for the first quarter ended March 31, 2005. Net income for the quarter was $11.6 million, or $0.46 per diluted share, compared with net income of $7.7 million, or $0.31 per diluted share, in the quarter ended March 31, 2005.
The company’s truck segment recorded revenues of $474.3 million in the first quarter of 2006, compared to $388.5 million in the first quarter of 2005. The company delivered 2,299 new heavy-duty trucks, 891 new medium-duty trucks and 1,058 used trucks during the first quarter of 2006, compared to 2,185 new heavy-duty, 624 new medium-duty and 980 used trucks in the first quarter of 2005. Parts, service and body shop sales increased to $97.5 million in the first quarter of 2006 from $78.5 million in the first quarter of 2005.
In announcing the results, Chairman W. Marvin Rush said, “Our deliveries of Class 8, medium-duty and used trucks are expected to set all time records. Increased truck sales, combined with growing parts, service and body shop revenues, should increase our absorption rate and result in record profits in 2006.
“We expect three of the next four years to be at or near record levels for Class 8 deliveries. We anticipate, the industry will experience a decline in truck sales in 2007 due to new diesel emission requirements, followed by strong years in 2008 and 2009. We remain committed to improving our absorption rates. We believe this will maximize our profits in 2006 and soften the earnings impact that will result from fewer trucks being sold in 2007.”
That’s a 23.9 percent increase from gross revenues of $402.0 million reported for the first quarter ended March 31, 2005. Net income for the quarter was $11.6 million, or $0.46 per diluted share, compared with net income of $7.7 million, or $0.31 per diluted share, in the quarter ended March 31, 2005.
The company’s truck segment recorded revenues of $474.3 million in the first quarter of 2006, compared to $388.5 million in the first quarter of 2005. The company delivered 2,299 new heavy-duty trucks, 891 new medium-duty trucks and 1,058 used trucks during the first quarter of 2006, compared to 2,185 new heavy-duty, 624 new medium-duty and 980 used trucks in the first quarter of 2005. Parts, service and body shop sales increased to $97.5 million in the first quarter of 2006 from $78.5 million in the first quarter of 2005.
In announcing the results, Chairman W. Marvin Rush said, “Our deliveries of Class 8, medium-duty and used trucks are expected to set all time records. Increased truck sales, combined with growing parts, service and body shop revenues, should increase our absorption rate and result in record profits in 2006.
“We expect three of the next four years to be at or near record levels for Class 8 deliveries. We anticipate, the industry will experience a decline in truck sales in 2007 due to new diesel emission requirements, followed by strong years in 2008 and 2009. We remain committed to improving our absorption rates. We believe this will maximize our profits in 2006 and soften the earnings impact that will result from fewer trucks being sold in 2007.”
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