Rush Enterprises, which operates the largest network of commercial vehicle dealerships in North America and two John Deere construction equipment dealerships in Southeast Texas, posted an 18.5-percent decrease in gross revenues in the first quarter, with gross revenue decreasing from $403.9 million in 2008 to $329.1 million this year. Net income for the first quarter was $2.9 million, compared with $9.7 million for the year-ago quarter.
Rush’s construction equipment segment recorded revenues of $11.6 million in the first quarter of 2009, compared to $22.4 million in the first quarter of 2008, a 48-percent drop. New and used construction equipment sales revenue plunged 58.6 percent to $7 million in the first quarter of 2009, compared with $16.9 million in the first quarter of 2008. Construction equipment parts, service and body shop sales dropped 13.5 percent. Lease and rental revenue increased from $13 million in the first quarter of 2008 to $13.5 million this year.
“Despite some of the toughest market conditions I have seen in more than 40 years in the business, Rush Enterprises remained profitable in the first quarter of 2009,” said Marvin Rush, chairman. “We were able to remain profitable because we have actively monitored and reduced expenses throughout this downturn.”
Rush Enterprises is based in San Antonio. Its equipment division is based in Houston.