15.11.2010

Third quarter upturn at Ahern

Las Vegas based aerial lift and telehandler rental company, Ahern Rentals, has reported an 11 percent increase in third quarter revenues.

Revenues for the nine months to the end of September were $down one percent to t $213 million, while the net loss for the period was 67.1 million compared to $48.2 million in the same period last year.

For the quarter revenues increased 11 percent to $80.2 million, equipment rental was $68.1 million up five percent on the same quarter last year. Utilisation improved to 63 percent while rental rates slipped four percent. However same branch revenue was down three percent, with the increase in revenues coming from the 13 new branches opened in the past 12 months.

In spite of the improving revenues stream, the net loss for the quarter was up from $16.5 to $19.6 million. A portion of the additional loss can be put down to a steep rise in interest rates, following the debt rescheduling earlier this year. Net debt increased marginally to $616 million compared to $607 million last year.