FARGO, N.D. - RDO Equipment, which unloaded its rental arm to United Rentals earlier this year, posted a net loss of $1.3 million, or 10 cents a share, for the second quarter ended July 31.
Accordingly, rental revenue dropped to $2.3 million from $8.5 million a year ago.
The company did report a rise in second-quarter revenue to $183.4 million from $177.2 million for the same period a year ago, citing its agriculture operations and the acquisitions of truck dealerships. The revenue increase was not enough to offset equipment and margin pressures and expenses related to the acquisitions.
For the six months ended July 31, revenue rose to $369.4 million from $357.7 a year ago.
Credit Suisse First Boston recently lowered its rating for RDO from "buy" to "hold."
