In the third quarter ended September 30, the company's gross revenues from continuing operations totaled $405.8 million, compared to $293.9 million reported for the third quarter ended September 30, 2009.
Income from continuing operations for the quarter was $8 million, compared to last year's $3 million for the quarter. The company reported net income for the quarter of $14.2 million, compared with a net income of $3 million for the 2009 qurater.
The truck segment recorded revenues of $401.7 million in the third quarter of 2010, compared to $289.8 million in the third quarter of 2009. Rush delivered 1,283 new heavy-duty trucks, 678 new medium-duty trucks and 899 used trucks during the third quarter of 2010, compared to 1,030 new heavy-duty trucks, 637 new medium-duty trucks and 760 used trucks in the third quarter of 2009.
Parts, service and body shop sales revenue was $133.3 million in the third quarter of 2010, compared to $96 million in the third quarter of 2009.
"Despite the fact that general economic uncertainty continues to negatively impact demand for new trucks, we were able to increase new Class 8 truck deliveries by 25 percent as compared to the same quarter last year and 58 percent over the second quarter of 2010, reaching the highest levels of new Class 8 truck deliveries we've seen since the fourth quarter of 2008," said W. M. "Rusty" Rush, president and CEO
"Major oilfield and general freight fleet customers have gained enough confidence in their business outlook to begin to invest in new Class 8 trucks this quarter," he said. "New truck sales are clearly poised for a return to historically normal levels as customers have accepted the new emissions-compliant engine technology and pricing, and the age of the current fleet continues to drive the need for truck replacement."
However, Rush warned, "the sustainability of this increase in new truck retail sales activity is still in question. Until improvements are evident in major sectors that drive freight movement, like residential construction and capital goods manufacturing, new truck sales may remain volatile."
Manufacturer production delays limited the availability of medium-duty trucks, which negatively impacted Rush's medium-duty truck sales this quarter In addition, Rush continues to work to replace lost GM franchise revenues with other truck brands. To this end, they recently acquired a Ford and Isuzu dealership in Dallas. That makes a total of seven new medium-duty franchises since GM announced it was discontinuing its medium-duty product line.
The company is also "very encouraged by the performance of our recently acquired International and Ford franchises," Rush said. "We are excited about our expanding relationships with International and Ford and believe that there are opportunities for continued growth with these manufacturers. We continue to evaluate opportunities to extend our contiguous network of dealership locations into other parts of the country."