Rush Enterprises Inc. said that its sales of new Peterbilt trucks were down in the third quarter compared to the same period last year due to a wave of pre-buys prompted by new emissions laws that went into effect last October.
The Company, which operates a network of Peterbilt dealerships, had 3Q gross revenues of $222.8 million, which was down slightly from the $224.9 million reported for the same period of 2002.
Chairman & CEO W. Marvin Rush, however, noted that sales were up 32% over the second quarter of 2003.
"We are optimistic about the future, due to the unmistakable upturn in the overall economy," he said. "Historically, an accelerating economy has created increased demand for heavy-duty trucks and we believe that this cycle will be no different."
Income from continuing operations was $3.2 million, compared to $3.3 million in the third quarter of 2002. Net income for the quarter was $ 3.2 million, compared with net income of $2.9 million in the same period last year.