Rush Enterprises reports Q3 plunge
Shares of Rush Enterprises, Inc. (Nasdaq: RUSHA) are edging up despite the truck dealer’s announcement after Thursday’s close that its third-quarter revenue plunged 19.9% to $521.6 million, below Wall Street expectations of $534.9 million and compared with $651.3 million a year earlier.
The New Braunfels, Texas-based firm’s net income for the quarter was $13.1 million, or $0.34 per share, above analyst estimates of $0.30 per share but below $16.4 million, or $0.43 per share, during the year-ago period.
During the third quarter, Rush Enterprises’ truck segment delivered 1,820 new heavy-duty trucks, 1,520 new medium-duty trucks and 1,032 used trucks, compared with 3,512 new heavy-duty trucks, 1,109 new medium-duty trucks and 999 used trucks during the same period of 2006.
“I am pleased to announce that we have significantly outperformed the Class 8 truck market in the third quarter,” W. Rush, the company’s chairman, said in a statement. “And more importantly, that our business model has proven to be successful in both strong and weak Class 8 truck markets.”
In morning trading, RUSHA shares are up 1.02%, or $0.17, at $16.79. Over the last 52 weeks, shares have ranged from $11.07 to $19.95.
