FORT LAUDERDALE, Fla. — NationsRent last month released its 2004 results, showing a significant year-over-year revenue and net income growth. Total revenues increased 21 percent in 2004 to $589.7 million, up from $486.6 million in 2003.
Because the company has changed from a pure rental operation into a full-service company offering more emphasis on providing solutions in sales of new and used equipment and merchandise, and service and parts, rental revenue growth was not as dramatic, increasing a still-substantial 8.6 percent from $424.3 million in 2003 to $460.9 million last year. Year-over-year growth in rental equipment sales was a dramatic 160.6 percent, from $28.6 million in 2003 to $74.5 million in 2004. New equipment sales jumped 101.4 percent from $15.2 million in 2003 to $30.6 million in 2004. Sales of merchandise, service, parts and supplies grew at a more modest but still significant rate of 27.3 percent, from $18.5 million to $23.6 million, year over year.
Gross profit jumped 117.6 percent from $66.5 million to $144.6 million. Operating income improved from a $47.3 million loss to a $27.4 million profit. However, with a rise in income expense from $18.9 million to $30.3 million, net income went from a $1.3 million gain to a $596,000 loss. Earnings before interest, taxes, depreciation and amortization for 2004 were $156.1 million, up from $96.8 million in 2003.
Utilization in 2004 was 48.6 percent compared to 44.4 percent in 2003. Improved rental rates were a major factor.
For the fourth quarter, ended December 31, net income was $4.4 million, up from a $19.6 million loss in the fourth quarter of 2003. EBITDA for the quarter was $43.4 million, up from $24.1 in Q403.
NationsRent is No. 6 on the new RER 100.