Strong Fourth Quarter Boosts Essex Crane Rental’s 2014 Numbers

Essex Crane Rental posted a fourth quarter adjusted EBITDA increase of 13.5 percent to $4.4 million while equipment rental revenue increased by $1.4 million or 12.4 percent for the quarter compared to the fourth quarter of 2013. Hydraulic crawler crane utilization leaped to 74.8 percent for the quarter, compared to 56.7 percent for the same period in 2013.

Crawler crane rental backlog based on expected rental revenues as of Dec. 31, 2014, increased by 34.2 percent compared to the backlog at the end of 2013.

Rough-terrain crane utilization increased to 59.9 percent for the quarter, compared to 54.1 percent in Q413. City and other tower crane utilization jumped to 52.3 percent for the quarter compared to 32.6 percent in the previous year’s fourth quarter.

Total revenue increased by $5.8 million or 25.9 percent to $28.3 million for the quarter compared to $22.5 million in the year-ago frame.

For the full year, equipment rental revenue was $49.7 million, compared to $46.6 million in 2013, a 6.7-percent hike. Total revenues was $103.4 million compared to $95.5 million in 2013, an 8.2-percent hike.

Meanwhile, Essex CEO Nick Matthews said the company has resolved the financial reporting issues related to its balance sheet debt classification and segment reporting. “These issues related to technical accounting guidance and were not raised by our lenders,” said Matthews. “These technical accounting issues were not caused by the operating results of the business nor did they have any impact on previously reported net cash flows, cash position, revenues, net income or earnings per share.”