Finland-based international rental giant Ramirent posted net sales of €185.9 million (about U.S. $237.4 million), a 3.7-percent increase compared to €179.2 million in the third quarter of 2011. EBITDA was €60.3 million or 32.5 percent of net sales, a slight increase from €58.6 million a year ago.
For the first nine months of 2012, Ramirent posted net sales of €519.9 million, a 12.3-percent jump compared with €463.1 million a year ago. EBITDA for the nine months was €153.8 million, or 27.4 percent of net sales, compared with €126.8 million in 2011, a 21.3-percent year-over-year climb.
“Overall activity levels held up fairly well in our Nordic countries as well as in our Europe East segment,” said Ramirent CEO Magnus Rosen. “But as expected, Q3 was difficult for our Europe Central business. Growth in the Group’s consolidated net sales slowed further as anticipated in the third quarter (3.7 percent) compared to the second quarter (13.5 percent). Like for like, growth in net sales amounted to 1.3 percent in the third quarter compared to 4.9 percent in the second quarter.
“Profitability remained stable in most of our segments due to good utilization levels and price discipline, except for Europe Central, where continued to scale the operations to reflect the weak market conditions prevailing in the segment’s four countries Czech Republic, Hungary, Poland and Slovakia.”
Rosen said looking ahead the company would carefully observe market activity and adjust operations to signs of activity slowing down. “Our priority remains on cautious capital expenditure, cost and risk control. We continue to improve our competitiveness by developing our common Ramirent Platform and providing our customers with enhanced efficiency through integrated solutions.”