Rush Enterprises Inc., which operates a network of Peterbilt heavy-duty truck dealerships, as well as several John Deere construction equipment dealerships and farm and ranch superstores, watched its third-quarter 2001 revenues and income drop compared to the same period last year.
In the third quarter, Rush said its revenues totaled $195.2 million, a 14% decrease from revenues of $226.9 million the same period last year. Net income for the quarter decreased 47.6% to $1.1 million from net income of $2.1 million in the third quarter of 2000.
Rush, based in San Antonio, TX, said its heavy-duty truck dealerships recorded revenues of $154.8 million in the third quarter of 2001, down from $190.3 million in the third quarter of 2000. The company said it delivered 970 new trucks and 480 used vehicles during the third quarter of 2001, compared to 1,515 and 528 new and used trucks, respectively, for the same period in 2000. Parts, service and body shop sales at Rush’s truck dealerships, however, increased 11.1%, climbing to $49 million in the third quarter from $44.1 million in the same period last year.
"In spite of very difficult market conditions, as evidenced by the recent results of heavy-duty truck manufacturers, we have remained profitable," said W. Marvin Rush, the company’s chairman & CEO. "I believe that as the truck market continues to remain soft, there will be an increasing number of attractive acquisition opportunities [and] our company is positioned to take advantage of any such opportunities that may arise."