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Parts, service and body shop quarterly revenues set new record
First quarter Class 8 truck sales outpace industry
Illinois and Indiana acquisitions complete, network expanded to 106 locations in 20 states
Company launches new Rig Tough Used Truck sales location
SAN ANTONIO, April 21, 2014 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended March 31, 2014, the Company's net income was $12.0 million, or $0.30 per diluted share, compared with net income of $13.5 million, or $0.34 per diluted share, in the quarter ended March 31, 2013.
"We are proud of the Company's solid financial performance this quarter," said W. M. "Rusty" Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. "Our truck sales performance outpaced the U. S. Class 8 retail sales market and parts, service and body shop revenues topped $300 million, setting a new quarterly record, despite harsh weather conditions and multiple shutdown days at our dealerships in Georgia, Illinois, Indiana, North Carolina, Texas and Virginia during the quarter. We believe these shutdown days represent approximately $3.5-4.0 million in lost revenue potential, and equate to approximately $.02 of earnings per share."
Aftermarket solutions accounted for approximately 66% of the Company's total gross profit and we achieved an absorption ratio of 111.2% in the first quarter of 2014. First quarter parts, service and body shop revenues reached a new record quarterly high, increasing by 33% as compared to first quarter 2013.
"Continued strong demand for repair and maintenance of aged vehicles, service support in the energy sector and incremental business from our range of aftermarket solutions continues to drive strong performance in our aftermarket business," said Rush.