Truck dealership group Rush Enterprises said its profits increase in 2012, and reported a 30% increase in medium-duty truck sales compared to year-ago levels.
For the year ended Dec. 31, 2012, the company's net income rose to $62.5 million, or $1.57 per diluted share, from $55.2 million, or $1.42 per diluted share in 2011.
Revenue last year totaled $3.1 billion, a 20% increase the $2.6 billion reported in 2011, the company said in a statement.
For the fourth quarter of 2012, Rush’s gross revenues declined 5.6%, to $732.3 million from $776.1 million a year earlier. Net income fell to $14.2 million from $19.4 million in the year-ago period.
Rush's Class 4-7 medium-duty sales reached 7,126 units in 2012, up 30% over 2011, the company said. Rush CEO Rusty Rush attributed the growth to sales to, “national fleets across the country, our ability to quickly deliver work-ready trucks from inventory to small businesses and solid execution by employees.”
He added that sales of light-duty vehicles increased 35% over year-ago levels thanks to results in its Ford dealerships and the company’s success in selling light-duty trucks to heavy- and medium-duty customers.