Neff Rentals increased total revenues 8.2 percent to $84.1 million compared to $77.7 million in the first quarter of 2014 while rental revenues jumped 7.3 percent to $74.1 million for the quarter compared to $69.1 million in the first quarter of 2014.
Equipment sales increased to $6.8 million from $5.3 million in the year-ago quarter and parts and service revenues dropped slightly to $3.2 million from $3.3 million a year ago. EBITDA increased 12.2 percent to $39 million for the quarter, compared to $34.8 million in Q114.
“Despite challenging winter weather conditions and the headwinds from oil and gas, we grew our rental revenues by 7.3 percent and adjusted EBITDA by 12.2 percent compared to the first quarter of 2014,” said CEO Graham Hood. “Overall conditions in our construction markets remain solid and we are not seeing any impact related to oil prices outside of locations that have significant oil-and-gas exposure. We remain highly focused on managing our fleet and executing our strategy as we move into our seasonally strong period.”
Neff Corp. is forecasting total revenue in the range of $390 million to $400 million, compared to prior guidance of $390 million to $410 million. The company is forecasting adjusted EBITDA in the range of $200 million to $205 million, and year-over-year rental rate increase of about 4.5 percent. The company expects time utilization to be about 66 percent, down from prior guidance of approximately 69 percent. Neff expects capital expenditures in the range of $125 million to $135 million.
Miami-based Neff Rental is No. 12 on the RER 100.
