Ahern Rentals’ revenues jumped nearly 1 percent in the second quarter, reversing the lengthy recession-induced decline, posting $72.2 million in revenue, compared with $71.5 million for the same period in 2009. Rental revenue declined 3.5 percent from $61.8 million in the second quarter of 2009 to $59.6 million in the recently concluded quarter.
Sales of new equipment increased 4.2 percent.
However, net loss increased 50.6 percent from $18.1 million in Q209 to $27.2 million in Q210 because of higher interest payments and other higher expenses.
Same-branch revenues decreased 10 percent, or $5.9 million for the quarter, although the decrease was offset by a $3.8 million increase in revenues from 15 new rental branches opened since the end of the second quarter of 2009. Average dollar utilization decreased to 29.5 percent from in the second quarter, compared with 29.8 percent for the same period in 2009. The decrease was caused mostly by a 9-percent decrease in average rental rates offset by an increase in average time utilization of high-reach equipment to 57 percent, compared with 55 percent for Q209.
Ahern officials said they don’t plan on opening additional branches in 2010 and have redeployed all of the equipment from the massive City Center project in Las Vegas that was completed last year.
Based in Las Vegas, Ahern Rentals is No. 7 on the RER 100. It has 71 branches in the United States.