Rush Reports Lower 4Q Profit
Truck dealership Rush Enterprises said its fourth-quarter net income fell to $5.1 million, or 14 cents a share, from $12.3 million, or 32 cents, a year ago.
Revenue fell 16.5% to $382.7 million, while truck segment revenue fell to $356.5 million from $427.5 million, Rush said.
Rush delivered 1,235 new heavy-duty trucks in the quarter, down from 1,511 a year ago. It delivered 903 new medium-duty trucks, down from 1,199, and 603 used trucks, down from 1,088.
The company’s parts, service and body shop sales fell to $108.1 million, from $110.6 million.
Full-year net income was $28.9 million, 75 cents a share, down 44% from $51.5 million, or $1.33, in 2007. Revenue fell 18.5% to $1.7 billion.
In addition to trucks, Rush also operates a John Deere dealership and has a construction equipment segment.
The construction equipment segment’s revenue fell a 17.6% to $19.8 million in fourth quarter, while full-year revenue fell to $83.8 million, from $97.1 million in 2007.
