In the second quarter, the company's gross revenues totaled $662 million, a 100.7% increase from gross revenues of $329.8 million reported for Q2 2010. Income from continuing operations for the quarter was $12.5 million, or 32 cents per diluted share, compared with income from continuing operations of $5.4 million, or 14 cents per diluted share, the same time last year.
The company reported net income for the quarter of $12.5 million, or 32 cents per diluted share, compared with a net income of $5.7 million, or 15 cents per diluted share, in the second quarter of 2010.
Rush Enterprises delivered 2,363 new heavy-duty trucks, 1,514 new medium-duty commercial vehicles, 314 light-duty commercial vehicles and 1,156 used commercial vehicles during the second quarter of 2011, compared to 813 new heavy-duty trucks, 795 new medium-duty trucks, 37 light-duty commercial vehicles and 889 used trucks during the second quarter of 2010. Parts, service and body shop sales revenue was $170.4 million in the second quarter of 2011, compared to $118.5 million in the second quarter of 2010.
"Record highs in parts, service and body shop revenues that were achieved in March continued throughout the second quarter," Rusty Rush said. "Our Rush Truck Centers set a new Company milestone for performance in June, eclipsing $1 million per day in gross profit from our parts, service and body shop operations. This led to another record quarterly absorption rate of 112.9%."
The second quarter marked the company's first meaningful increase in Class 8 and medium-duty truck sales since Class 8 industry orders began increasing in November 2010. Strong Class 8 truck sales activity continues to occur within the energy sector and we are also delivering new trucks to large Class 8 on-highway fleets that are replacing aged vehicles.
As industry freight rates have increased, Rush Enterprises has seen an increase in sales activity to smaller over-the-road truck customers as well. Medium-duty truck sales activity increased significantly despite continued supply issues with Japanese manufacturers.
While U.S. Class 8 truck orders have decreased since they peaked in April, the company predicts current order intake is adequate to support U.S. Class 8 retail sales of approximately 180,000 units in 2011.