, which operates the largest network of commercial vehicle dealerships in North America, reported record annual revenues and the highest quarterly pre-tax income in the company's history.
Annual revenues reached $2.6 billion compared to $1.5 billion in 2010. Income from continuing operations for the quarter was $19.4 million, or 50 cents per diluted share, compared with income from continuing operations of $9.2 million, or 24 cents per diluted share.
The company's fourth-quarter gross revenues totaled $776.1 million, a 67.6% increase from gross revenues of $463 million reported for the fourth quarter 2010.
Aftermarket services accounted for about 63% of the company's total gross profits in 2011.
In 2011, Rush's Class 8 retail sales increased by 91% over 2010, outpacing the U.S. Class 8 truck market, which increased by 58%. Rush's U.S. Class 4-7 medium-duty sales were up 94% over 2010.
"2011 was a milestone year for Rush Enterprises in which we achieved record financial performance and accomplished several strategic goals," says W.M. "Rusty" Rush, president and CEO of Rush Enterprises. "We continued to transition the company into the premier solutions provider to the commercial vehicle industry and decreased the impact of Class 8 truck sales on our financial performance. We ended 2011 in a strong financial position."