Truck dealership Rush Enterprises said its first-quarter profit jumped, led by a doubling of its heavy-duty truck sales.
Net income rose to $15.9 million, or 40 cents a share, from $7.3 million, or 19 cents, a year ago. Revenue rose 74.2% to $777.3 million.
Rush’s Class 8 retail sales more than doubled, outpacing the U.S. Class 8 truck market, which rose by 48%.
The big-rig sales gain “was primarily the result of continued strong activity in the energy sector, replacement truck deliveries to larger fleets, increased stock truck sales and delivery of natural gas trucks sales to several large refuse fleets,” CEO W. M. “Rusty” Rush said in a statement.
Rush delivered 2,738 new heavy-duty trucks in the quarter, up from 1,345 a year ago; 1,556 new medium-duty trucks, up from 811; and 1,252 used trucks, up from 1,107.
Aftermarket services accounted for about 61% of its profit, while parts, service and body shop revenue rose 35% to $196.6 million, a quarterly high.