Rush Reports Higher Fourth-Quarter Profit
Truck dealership Rush Enterprises said its fourth-quarter income improved on higher sales.
The company earned $9.2 million, or 24 cents per share, up from $1.5 million, or 4 cents, a year ago, as revenue rose 62% to $463 million.
Rush delivered 1,681 new heavy-duty trucks in the quarter, up from 956 a year ago; 813 new medium-duty trucks, up from 614; and 987 used trucks up from 762 a year ago.
Fourth-quarter truck revenue rose to $285 million, from $165.3 million a year ago. Parts, service and body shop sales revenue from its truck segment rose 44% to $130.4 million, Rush said.
For the year, Rush sold 11,141 new and used commercial trucks, up 17.4% from the 9,490 it sold in 2009. That included 4,746 new heavy-duty trucks, up from 3,972 in 2009; 2,934 medium-duty trucks, compared with 2,643; and 3,461 used trucks, up from 2,875.
It earned $31.3 million, or 82 cents, for the full year, up from $5.9 million, or 16 cents, in 2009. Revenue rose 25% to $926.6 million.
