Rush Enterprises’ fourth-quarter net income fell 70% to $1.5 million, or 4 cents a share, from $5.1 million, or 14 cents, a year earlier.
Revenue fell 23% to $295.6 million, San Antonio-based Rush said in a statement Tuesday.
Full-year net income was $5.9 million, or 16 cents per share, an 80% decline from $28.9 million, or 75 cents, in 2008. Truck segment revenue fell to $1.2 billion, from $1.6 billion in 2008.
Rush said it sold 9,490 new and used trucks last year, a 24.2% decline from 12,523 in 2008. It delivered 3,972 new heavy-duty trucks,
“While 2009 was one of the most difficult operating environments since the 1980s, and even worse than originally anticipated, Rush Enterprises was able to remain profitable,” Chairman W. Marvin Rush said in a statement.
“We believe 2010 will be a difficult year,” Chief Executive Officer Rusty Rush said. “Industry experts currently estimate U.S. Class 8 retail sales for 2010 to be 114,000 units, up from 97,000 units in 2009. However, we believe U.S. Class 8 retail sales will only increase slightly over 2009 to about 105,000 units.”
In addition to trucks, Rush operates a John Deere dealership and has a construction equipment segment.
