Rush Enterprises sets revenue record
Rush Enterprises, Inc. Wednesday reported record annual revenues of $3.4 billion compared to $3.1 billion in 2012 and a net income of $49.2 million.
In the fourth quarter of 2013, the company’s gross revenues totaled $925.2 million, a 26.3 percent increase from gross revenues of $732.3 million reported for the fourth quarter of 2012. Net income for the quarter was $14.9 million. For the year ending Dec. 31, 2013, the company’s gross revenues totaled $3.4 billion, a 9.5 percent increase from gross revenues of $3.1 billion reported in 2012.
“2013 was a year of continued investment, growth and solid financial performance, for our Company,” says Rusty Rush, Chairman, CEO and President of Rush Enterprises, Inc. ”We achieved record annual revenues, increased medium-duty, light-duty and used truck sales, and expanded our leasing business and revenues.”
Rush says the company also augmented its solutions capabilities, completed expansion projects on existing facilities and acquired five dealer groups, adding 29 dealership locations to the Rush Truck Centers network.
“I am proud of our performance in 2013 and extremely grateful to all our employees who contributed to the company’s success this year, especially given our rapid pace of growth,” he says. “We welcomed more than 1,300 new employees to the company in 2013 and look forward to serving new and existing customers across the country with excellence.”
In 2013, the Rush dealer network swelled to to 107 locations in 20 states across the country, entrenching Rush Enterprises as the largest network of commercial vehicle dealerships in North America.
“We want to consistently service customers when and where they operate – locally, regionally and nationally,” Rush says. “We made substantial progress towards our growth strategy in two ways – by investing in our core Peterbilt Division and expanding our Navistar footprint.”
Rush says the company strengthened its Peterbilt Division by investing in facility expansions, building new dealerships and developing aftermarket services. In 2013, the Company opened a new Peterbilt, Hino and Paclease dealership and leasing operation in Corpus Christi, Texas and renovated existing facilities in Laredo, Houston and Dallas to increase square footage and capabilities.
The company also has projects underway to construct new facilities in San Antonio, Texas and Denver, Colo. and increase capacity in Abilene, Texas and Whittier, Calif. in 2014.
“We also installed dedicated natural gas service bays at certain dealerships in Oklahoma and Texas and have plans underway for similar investments in Arizona, Colorado, Florida, Tennessee, and Texas,” Rush adds. “When completed, these projects will result in a direct investment of more than $40 million in our Peterbilt Division.”