Parts and Services Boost Rush's Results While Heavy Duty Truck Sales Slip
We are maintaining our $46 fair value estimate after no-moat Rush Enterprises released second-quarter earnings. Our long-term thesis remains intact, and we believe parts and services growth will fund management's quarterly dividend of $0.12. Globally, parts and services picked up 15% growth over the prior-year second quarter, and gross profit margins expanded 60 basis points, despite international weakness. Parts and services benefited from increased commercial vehicle activity and Rush earned 2...Rush Enterprises is a retailer of commercial vehicles and related services. The Truck Segment includes the company's operation of network of commercial vehicle dealerships under the name Rush Truck Centers. Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, Mitsubishi Fuso, IC Bus or Blue Bird. Through its network of Rush Truck Centers, the company provides one-stop service for the needs of its commercial vehicle customers, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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