Rush Enterprises, Inc. has announced gross revenues of $521.6 million for the third quarter ended September 30,, 2007, a 19.9% decrease from $651.3 million reported for the third quarter of 2006. Net income for the quarter was $13.1 million, or $0.34 per diluted share, compared with net income of $16.4 million, or $0.43 per diluted share in third quarter 2006.
The company delivered 1,820 new heavy-duty trucks, 1,520 new medium-duty trucks and 1,032 used trucks during the third quarter of 2007, compared to 3,512 new heavy-duty trucks, 1,109 new medium-duty trucks and 999 used trucks during the third quarter of 2006.
In making the announcement, W. Marvin Rush, Chairman of Rush Enterprises, Inc., said “I am pleased to announce that we have significantly outperformed the Class 8 truck market in the third quarter. And more importantly, that our business model has proven to be successful in both strong and weak Class 8 truck markets. Our strategic focus to improve the quality of earnings by building a network that is diverse in product offerings, customer base and geography has made us less dependent on Class 8 truck sales.
“We believe normal customer trade cycles and new diesel emission regulations scheduled to take effect in 2010 will result in increased Class 8 truck orders beginning in the first half of 2008. The magnitude of the 2008 and 2009 pre-buy will be largely dictated by the economy, among other factors. If general economic conditions in the U. S. are good, we continue to believe 2009 could be a record year for U. S. Class 8 deliveries.”
