Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB) today announced that in the third quarter ended September 30, 2009, the company’s gross revenues totaled $302.4 million, a 26.9% decrease from gross revenues of $413.7 million reported for the third quarter ended September 30, 2008.
Net income for the third quarter ended September 30, 2009, was $3.0 million, or $0.08 per diluted share, compared with net income of $8.0 million, or $0.21 per diluted share, in the third quarter ended September 30, 2008.
The Company’s truck segment recorded revenues of $289.8 million in the third quarter of 2009, compared to $392.5 million in the third quarter of 2008. The company delivered 1,030 new heavy-duty trucks, 637 new medium-duty trucks and 760 used trucks during the third quarter of 2009, compared to 1,350 new heavy-duty trucks, 919 new medium-duty trucks and 936 used trucks in the third quarter of 2008. Parts, service and body shop sales revenue was $96 million in the third quarter of 2009, compared to $116.3 million in the third quarter of 2008.
The company’s construction equipment segment recorded revenues of $8.5 million in the third quarter of 2009, compared to $16.9 million in the third quarter of 2008. New and used construction equipment sales revenue decreased 61.9% to $4.5 million in the third quarter of 2009, from $11.8 million in the third quarter of 2008. Construction equipment parts, service and body shop sales decreased 21.6% to $4.0 million in the third quarter of 2009 from $5.1 million in the third quarter of 2008.
W. M. “Rusty” Rush, President and Chief Executive Officer of Rush Enterprises, Inc., added, “Rush Class 8 truck deliveries increased this quarter over the second quarter of 2009 as several large fleet customers took delivery of trucks. This helped mitigate the effect of continued depressed U.S. Class 8 retail truck sales, which were down 33% over the third quarter of 2008, while Rush truck sales were down only 24% for the same time period. In addition, we continue to lead the commercial vehicle market as a provider of alternate fuel trucks, buses and services, and our ability to effectively serve municipalities significantly contributed to our overall profitability this quarter.
“We do not, however, anticipate a significant truck pre-buy to occur in the fourth quarter of this year as lingering depressed conditions in the overall economy and tight credit continued to negatively impact freight movement, causing continued excess capacity and depressed trade values. These factors have forced both vocational and fleet buyers to lengthen their replacement cycles beyond historical norms, most likely extending any substantial upturn in new truck purchases well into the second half of 2010.”