Rush Reports Lower First-Quarter Profit
Truck dealership Rush Enterprises’ first-quarter net income fell to $2.9 million, or 8 cents a share, from $9.7 million, or 25 cents, a year ago.
Revenue fell 18.5% to $329.1 million, while truck segment revenue fell to $313 million from $376.7 million a year ago, Rush said late Wednesday.
The company delivered 1,032 new heavy-duty trucks, down from 1,266 a year ago; 754 new medium-duty trucks, down from 972; and 577 used trucks, down from 900 a year ago.
Parts, service and body shop sales revenue was $101.8 million, down slightly from $109.4 million last year.
In addition to trucks, Rush also operates a John Deere dealership and has a construction equipment segment.
The construction equipment segment’s revenue fell by about half, to $11.6 million from $22.4 million a year ago.
