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TheStreet Open House

Rush Enterprises, Inc. Reports Fourth Quarter And Year-End 2010 Results

Stocks in this article: RUSHARUSHB

For the year ended December 31, 2010, the Company's gross revenues from continuing operations totaled $1.5 billion, a 25% increase from gross revenues from continuing operations of $1.2 billion reported in 2009. Income from continuing operations for the year was $24.6 million, or $0.64 per diluted share, compared with income from continuing operations of $5.1 million, or $0.14 per diluted share, in 2009.  The Company reported net income for the year of $31.3 million, or $0.82 per diluted share, compared with a net income of $5.9 million, or $0.16 per diluted share in 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.  The construction equipment business recorded income from discontinued operations, net of tax, of $6.7 million ($0.18 per diluted share) during 2010, compared to $0.8 million ($0.02 per diluted share) during 2009. A majority of the income from discontinued operations during 2010 is attributable to the gain on the sale of Rush Equipment Centers' assets. 

The Company sold 11,141 new and used commercial vehicles in 2010, a 17.4% increase compared to 9,490 new and used commercial vehicles in 2009. The Company delivered 4,746 new heavy-duty trucks, 2,934 new medium-duty commercial vehicles and 3,461 used commercial vehicles during 2010, compared 3,972 new heavy-duty trucks, 2,643 new medium-duty commercial vehicles and 2,875 used commercial vehicles during 2009. Parts, service and body shop sales from our truck segment increased by 24.8% to $479.1 million in 2010 from $384.0 million in 2009. 

During the fourth quarter of 2010, the Company delivered 1,681 new heavy-duty trucks, 813 new medium-duty commercial vehicles and 987 used commercial vehicles, compared to 956 new heavy-duty trucks, 614 new medium-duty commercial vehicles and 762 used commercial vehicles during the fourth quarter of 2009.  Parts, service and body shop sales revenue from our truck segment increased 44.1% to $130.4 million in the fourth quarter of 2010, compared to $90.5 million in the fourth quarter of 2009.

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