The company delivered 1,587 new trucks during the period compared to 966 for the same period in 2001, and 537 used trucks versus 479 a year earlier. Parts, service and body shop sales at its truck dealerships increased 12.1% from $48.3 million to $54.2 million.
Chairman and CEO W. Marvin Rush said the increase in earnings was primarily due to an increase in new truck sales caused by the change in emission guidelines that took effect on Oct. 1, 2002. "Due to the timing of new truck deliveries, I also expect new truck sales to be strong in the fourth quarter." he added. "Now our focus is on the first half of 2003. We expect new truck deliveries to decrease sharply due to the recent pre-buy and have implemented programs that have challenged our people to respond accordingly."
Combined revenues for Rush's truck, construction and farm equipment operations totaled $242.9 million, a 24.5% from third quarter 2002. Net income increased 171.6% to $2.9 million.
The construction equipment segment recorded revenues of $18.0 million in the third quarter of 2002 compared to $28.4 million. New and used construction equipment unit sales revenue decreased $9.7 million or 47.1%. Parts and service sales decreased 6.3% to $5.9 million.
Rush Enterprises operates John Deere construction equipment dealerships in Texas and Michigan and heavy duty truck dealerships in Texas, California, Oklahoma, Louisiana, Colorado, Arizona, and New Mexico. It also operates retail farm and ranch superstores that serve the greater San Antonio, Houston and Dallas/Forth Worth, Texas areas.