Las Vegas-based Ahern Rentals posted a 25.6-percent revenue increase in the second quarter ended June 30, with total volume rising from $50.4 million in Q205 to $63.3 million for the same period in 2006, according to documents filed with the Securities and Exchange Commission recently. Ahernâ€™s rental volume increase was an even more robust 31.5 percent, rising from $42.8 million in last yearâ€™s second quarter to $56.3 percent this year.
Gross profit rose 40.3 percent year over year, from $17.3 million in Q205 to $24.3 million this year. Net income nearly doubled, jumping 97.7 percent from $3.3 million in the second quarter last year to $6.5 million this year.
Rental volume for the first six months jumped 35.5 percent from $78.2 million in 2005 to $105.9 this year. Total volume for the six months increased 31.3 percent, from $90.5 million to $118.9 million. Gross profit leaped 50.2 percent year over year from $29.1 million to $43.7 million, while net income multiplied 451.6 percent from $1.8 million to $10.2 million.
High-reach equipment accounted for 68 percent of Ahern Rentalsâ€™ rental and related revenues, with 20 percent from general rental of 12 percent to rental-related revenues.
Ahern reported a 7-percent increase in average rental rates during the second quarter and a 10-percent rental rate jump in the first six months. Time utilization of high-reach equipment increased from 70 percent to 71 percent in the first six months versus the same period last year, although it dropped from 74 percent to 73 percent in the second quarter year over year.
The company opened a branch in Romoland, Calif., during the second quarter.
Ahern Rentals is No. 12 on the RER 100.