[Stay on top of transportation news: .]
Rush Reports Record Quarterly Earnings on Higher Truck Sales, Aftermarket Strength
National truck dealership Rush Enterprises Inc. posted record quarterly profits as net income and revenue rose in the third quarter.
Net income hit $29.8 million, or 72 cents per share. That compares with $14.9 million, or 37 cents, a year earlier.
Revenue climbed to $1.25 billion compared with $1.096 billion in the 2016 period.
Aftermarket products and services accounted for about 63% of the company’s total gross profits in the third quarter, with parts, service and body shop revenues up 11.7% compared with the same timeframe in 2016.
Rush’s Class 8 sales rose 20.6% compared with the third quarter of 2016 and accounted for 7.1% of the U.S. Class 8 truck market.
The company’s Classes 4-7 medium-duty sales increased 14.5% year-over-year and accounted for 4.6% of the total U.S. market.
