Truck-dealer chain Rush Enterprises Inc.’s net income increased in the second quarter, and Class 8 sales jumped 74%.
Profit grew to $19.8 million, or 49 cents a share, from $5.6 million, or 14 cents, a year earlier, Rush said in a July 23 statement. Revenue increased to $1.18 billion from $790 million in the prior year’s quarter.
“During March, we began to see the positive impact of a steady economy and improvements in freight movement in our Class 8 truck sales, and this trend continued throughout the second quarter,” Chairman and CEO W.M. Rush said in a statement.
“In particular, sales of our new Class 8 stock trucks significantly increased as independent operators and smaller vocational fleets required work-ready equipment to take advantage of increased activity in energy, construction and refuse segments,” Rush said.
The company had a $2 million charge for a deal with 3M to provide Rush with compressed natural-gas fuel tanks and intellectual property for development of a new fuel system.
Rush sells Peterbilt Motors Co. and Navistar International Corp. brand heavy trucks in addition to medium-duty trucks from Hino, Isuzu and Ford.