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Truck dealership Rush Enterprises’ first-quarter net income slipped slightly from a year ago as its heavy-duty truck sales jumped 30%.
Net income fell to $12 million, or 30 cents per share, from $13.5 million, or 34 cents, in last year’s first quarter, due in part to higher expenses.
Sales jumped 27% to $958.7 million, Rush said in an April 21 statement.
Its new Class 8 truck sales rose 30% in the quarter, to 2,688 units, accounting for 5.9% of the U.S. heavy-duty truck market, the company said.
“Consistent with industry forecasts, our Class 8 order intake has improved,” CEO W.M. “Rusty” Rush said in a statement.
“We began to see our backlog increase at the end of last year, and the increase continued in the first quarter [and] expect our higher rate of order intake to continue throughout 2014 as on-highway and vocational fleets replace aged vehicles and add some capacity,” he said.