Rush Enterprises Inc., the Texas-based company whose operations includes the largest network of Peterbilt heavy-duty truck dealerships in North America, reported first quarter gross revenues of $229.9 million – a 44% increase
over gross revenues of $159.6 million reported for the first quarter last year.
Income from continuing operations was $2.1 million, or $0.13 per diluted share, during the first quarter of 2004 compared to $0.9 million or $.06 per diluted share in the first quarter of 2003. Net income for the quarter was $2.2 million, or $0.13 per diluted share, compared with net income of $0.3 million, or $0.02 per share, reported in the quarter ended March 31, 2003.
The company's heavy-duty truck segment recorded revenues of $217.7 million in the first quarter of 2004, compared to $149.5 million in the first quarter of 2003. The company delivered 999 new heavy-duty, 327 medium-duty and 775 used trucks during the first quarter of 2004 compared to 637 new heavy-duty, 151 medium-duty and 519 used trucks for the same period in 2003.
In announcing the results, W. Marvin Rush, chairman and chief executive officer, said, "Needless to say, we are pleased with our first quarter of the year, as it is evidence that the increasing-demand trend we have predicted is manifesting itself in strong results for Rush. We expect this trend to continue to fuel growth, since the need to replace aging equipment continues to drive demand and our economy continues to improve; for these reasons, the second quarter is looking even stronger."
Rush continued, "Manufacturers and component suppliers expect sales to approach 186,000 units in 2004, which is a 28% market increase. Rush is well positioned to capitalize on the demand that is anticipated as we continue to improve upon our absorption rates and, correspondingly, our bottom line."