Rush Enterprises, Inc. Reports Second Quarter Results

  • Record quarterly revenues of $1.2 billion, $19.8 million net income
  • Class 8 and Class 4-7 new truck sales significantly outpace U. S. retail market
  • Second quarter absorption ratio of 120%

SAN ANTONIO, July 22, 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 June 30, 2014, the Company's net income was $19.8 million, or $0.49 per diluted share, compared with net income of $5.6 million, or $0.14 per diluted share, in the quarter ended June 30, 2013. During the second quarter of 2014, the Company incurred a pre-tax charge of $2.0 million in its selling, general and administrative expense related to its agreement with 3M to provide the Company with compressed natural gas fuel tanks and intellectual property for development of a new fuel system. This charge resulted in a reduction of $1.2 million in net income, or $0.03 per diluted share during the second quarter of 2014. During the second quarter of 2013, the Company recognized a pre-tax charge of $10.8 million in its selling, general and administrative expense related to the Retirement and Transition Agreement with W. Marvin Rush. This charge resulted in a reduction of $6.6 million in net income, or $0.16 per diluted share during the second quarter of 2013.

"Moderate freight growth and a stable economy, combined with our ability to offer unique solutions and company-wide efforts to 'integrate and execute' resulted in record-setting performance this quarter," said W. M. "Rusty" Rush, Chairman, Chief Executive Officer and President of Rush Enterprises. "We significantly outpaced the U. S. market in both heavy- and medium-duty new truck sales, achieving record market share in both segments. Total revenues for the quarter topped $1 billion, and we achieved new quarterly records for net income, aftermarket sales and absorption."

If you liked this article you might like

Rush (RUSHA) Strong On High Relative Volume Today

Rush (RUSHA) Flagged As Strong On High Volume

Rush Enterprises Is Now Oversold (RUSHA)

Rush Enterprises (RUSHA) Upgraded From Hold to Buy

Rush Enterprises Inc Stock Downgraded (RUSHA)