Rush’s Third-Quarter Income Rises as Truck Sales Jump
Truck-dealer chain Rush Enterprises Inc.’s net income increased in the third quarter, and Class 8 sales increased 68%.
Net income grew to $23.5 million, or 57 cents a share, from $15.2 million, or 37 cents, a year earlier, Rush said Oct. 21.
Revenue increased to $1.2 billion from $913 million in the prior year’s quarter.
“The positive trend in our new Class 8 truck sales that began in spring continued throughout the third quarter. Large fleets continued to replace aged vehicles to improve uptime, capitalize on gains in fuel efficiency and appeal to a wider pool of potential drivers. Stock truck sales also rose as demand from small and midsize fleets operating in vocational segments continued,” Chairman and CEO W.M. Rush said.
“We expect demand for Class 8 trucks will remain strong as fleets continue to upgrade to new equipment, but expect fleet expansion will be moderated by the continued shortage of drivers,” he added.
Rush sells Peterbilt Motors Co. and Navistar International Corp. brand heavy trucks in addition to medium-duty trucks from Hino, Isuzu and Ford.
