Rush Enterprises saw some improvement in its results in the second quarter, with net income of $5.7 million, or 15 cents a share, up from a net loss of $1.5 million, or 4 cents a share in the 2009 quarter.
While sales of new trucks remained sluggish, Rush was able to profit from improvements in the used truck market.
"General economic uncertainty combined with the introduction of new emissions-compliant engine technology weighed heavily in creating yet another challenging market for new truck sales in the second quarter," said W. M. "Rusty" Rush, president and CEO for Rush Enterprises. "However, improvements in used truck and parts, service and body shop revenues contributed significantly to the Company's profitability this quarter."
Rush, which operates a network of commercial vehicle dealerships in North America, said gross revenues from continuing operations rose 9 percent to $329.8 million, compared to $302.6 million in 2009.
During the second quarter, Rush announced it signed a definitive agreement to shed assets of its John Deere construction equipment business, including its Rush Equipment Centers in Houston and Beaumont, Texas, to Doggett Heavy Machinery Services.
In addition, the company announced in May it had acquired certain assets of Lake City Companies and certain of its subsidiaries and affiliates that operated a commercial truck and bus sales, service, parts, finance and leasing business representing multiple brands. This expanded the company's network of Rush Truck Centers to 60 locations in 14 states.
Within the truck segment, Rush brought in revenues of $325.5 million, compared to $298 million in the second quarter of 2009. The company delivered 813 new heavy-duty trucks, 828 new medium-duty trucks and 889 used trucks during the second quarter of 2010, compared to 954 new heavy-duty trucks, 638 new medium-duty trucks and 776 used trucks in the second quarter of 2009.
Parts, service and body shop sales revenue was $116 million in the second quarter of 2010, compared to $95.8 million in the second quarter of 2009.
"We are pleased to report the Company has continued to perform, delivering another quarter of widening profits," said W. Marvin Rush, chairman and founder of Rush Enterprises.
While sales of new trucks remained sluggish, Rush was able to profit from improvements in the used truck market.
"General economic uncertainty combined with the introduction of new emissions-compliant engine technology weighed heavily in creating yet another challenging market for new truck sales in the second quarter," said W. M. "Rusty" Rush, president and CEO for Rush Enterprises. "However, improvements in used truck and parts, service and body shop revenues contributed significantly to the Company's profitability this quarter."
Rush, which operates a network of commercial vehicle dealerships in North America, said gross revenues from continuing operations rose 9 percent to $329.8 million, compared to $302.6 million in 2009.
During the second quarter, Rush announced it signed a definitive agreement to shed assets of its John Deere construction equipment business, including its Rush Equipment Centers in Houston and Beaumont, Texas, to Doggett Heavy Machinery Services.
In addition, the company announced in May it had acquired certain assets of Lake City Companies and certain of its subsidiaries and affiliates that operated a commercial truck and bus sales, service, parts, finance and leasing business representing multiple brands. This expanded the company's network of Rush Truck Centers to 60 locations in 14 states.
Within the truck segment, Rush brought in revenues of $325.5 million, compared to $298 million in the second quarter of 2009. The company delivered 813 new heavy-duty trucks, 828 new medium-duty trucks and 889 used trucks during the second quarter of 2010, compared to 954 new heavy-duty trucks, 638 new medium-duty trucks and 776 used trucks in the second quarter of 2009.
Parts, service and body shop sales revenue was $116 million in the second quarter of 2010, compared to $95.8 million in the second quarter of 2009.
"We are pleased to report the Company has continued to perform, delivering another quarter of widening profits," said W. Marvin Rush, chairman and founder of Rush Enterprises.
media brand
0 Comments
See all comments