Rush’s 3Q Income Slips; Will Buy Ohio Navistar Dealerships

Truck dealership Rush Enterprises’ third-quarter net income slipped from a year ago and the company said it plans to buy several Navistar truck dealerships in Ohio.

Net income declined to $14.9 million, or 38 cents a share, from $16 million, or 41 cents, a year ago. Revenue fell 7% to $745.1 million.

Rush said the Ohio deal — subject to regulatory approval — includes International, IC Bus, Isuzu and Idealease franchises, with locations in Akron, Cincinnati, Cleveland, Columbus, Dayton, Findlay and Lima.

The locations will operate within Rush Truck Centers’ Navistar Division, CEO W.M. “Rusty” Rush said in a statement.

Third-quarter Class 8 sales fell 8% from a year ago and 12% from the second quarter. Parts, service and body shop sales revenue rose to $210.7 million from $182.6 million.

“While it is difficult to predict next year’s climate until after November, we believe that order intake will increase during the latter part of this year, but that activity would not result in an increase in our Class 8 truck deliveries until at least the second quarter of next year,” Rusty Rush said.

Rush delivered 2,272 new heavy-duty trucks in the quarter, down from 2,472 a year ago; 1,650 new medium-duty trucks, up from 1,427; 363 new light-duties, down from 391; and 1,211 used trucks, up from 1,170.