Rush Enterprises’ Income, Sales Jump on Higher Truck Sales

Truck dealership firm Rush Enterprises’ second-quarter profit more than doubled, as its truck sales jumped.

Net income rose to $12.5 million, or 32 cents a share, from $5.7 million, 15 cents, a year ago, Rush said late Tuesday. Revenue doubled to $662 million.

Rush delivered 2,363 new heavy-duty trucks in the quarter, up from 813 a year ago; 1,514 new medium-duty trucks, up from 795; and 1,156 used trucks, up from 889 a year ago.

Truck revenue rose to $466.6 million, from $191.3 million a year ago. Parts, service and body shop sales rose to $170.4 million, from $118.5 million.

“While U.S. Class 8 truck orders have decreased since they peaked in April, we believe current order intake is adequate to support U.S. Class 8 retail sales of approximately 180,000 units in 2011,” CEO W.M. “Rusty” Rush said in a statement.

Rush said the company expects Class 8 truck sales to rise in 2012 and 2013, but noted “renewed economic concerns and the possibility of slower-than-expected recovery . . . that could result in a more controlled Class 8 truck growth cycle.”