Rush Enterprises, Inc. Reports Third Quarter Results
- Revenues up 38% compared to Q3 2009
- Diluted EPS $0.37, up 370% over prior year; Diluted EPS from continuing operations $0.21, up 168% compared to Q3 2009
- Company records second highest quarterly absorption rate of 109.1%
- Increases seen in Class 8 retail truck sales, sustainability remains questionable
SAN ANTONIO, Texas, Oct. 20, 2010 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced results for the third quarter ended September 30, 2010.
In the third quarter ended September 30, 2010, the Company's gross revenues from continuing operations totaled $405.8 million, a 38.1% increase from gross revenues from continuing operations of $293.9 million reported for the third quarter ended September 30, 2009. Income from continuing operations for the quarter was $8.0 million, or $0.21 per diluted share, compared with income from continuing operations of $3.0 million, or $0.08 per diluted share, in the quarter ended September 30, 2009. The Company reported net income for the quarter of $14.2 million, or $0.37 per diluted share, compared with a net income of $3.0 million, or $0.08 per diluted share, in the quarter ended September 30, 2009.
On September 9, 2010, the Company sold the assets of its John Deere construction equipment business, including its Rush Equipment Centers in Houston and Beaumont, Texas, to Doggett Heavy Machinery Services, LLC. The construction equipment business recorded income from discontinued operations, net of tax, of $6.1 million ($0.16 per diluted share) during the third quarter of 2010, compared to $20,000 during the third quarter of 2009. A majority of the income from discontinued operations during the quarter is attributable to the gain on the sale of Rush Equipment Centers' assets.The Company's truck segment recorded revenues of $401.7 million in the third quarter of 2010, compared to $289.8 million in the third quarter of 2009. The Company delivered 1,283 new heavy-duty trucks, 678 new medium-duty trucks and 899 used trucks during the third quarter of 2010, compared to 1,030 new heavy-duty trucks, 637 new medium-duty trucks and 760 used trucks in the third quarter of 2009. Parts, service and body shop sales revenue was $133.3 million in the third quarter of 2010, compared to $96.0 million in the third quarter of 2009.
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