CHICAGO — NES Rentals announced first-quarter rental revenues of $103.7 million, up from $99 million in the first quarter of 2004, a 4.7 percent year-over-year increase, according to documents filed last month with the Securities and Exchange Commission. Total revenues were $119.6 million, basically flat with the first quarter of 2004, which posted $120 million. Gross profits for the quarter were $24.2 million, up 2.6 percent year over year from last year's $23.5 million total. Operating loss was $7.6 million for the quarter.
Revenue in NES' traffic safety segment rose 16 percent year-over-year to $16.2 million. Rental rates for the company's three largest equipment categories rose more than 10 percent over last year's first quarter, offsetting year-over-year declines in utilization and fleet size. Rental and service revenues comprised 87 percent of total revenues for the first quarter of 2005, compared to only 82 percent in Q104. Same store rental revenues were up 9 percent. During the quarter, NES Rentals made a $25 million debt reduction payment and spent $26 million on new fleet. The company plans to spend more than $85 million on new fleet for the year.
NES also announced it invested more than $150 million in new rental equipment during the past 18 months. Rental fleet purchases for NES Rentals have been consistently climbing over the past couple of years with major investments in all core rental products, including booms, scissorlifts, rough terrain forklifts, earthmoving equipment, cranes, mobile liquid/solid storage containers, material handling equipment, compressors, generators, traffic safety equipment, and specialty construction and industrial materials.
NES Rentals also released its fully redesigned rental equipment guide — NES Rentals Equipment for Construction and Operations Professionals.
Based in Chicago, NES Rentals is No. 5 on the RER 100.