Neff Rentals’ revenues increased 2 percent in the second quarter coming in at $94.2 million compared to $92.4 million in the second quarter of 2014. Rental revenues were $84.8 million, compared to $83.1 million a year ago, a 1.6-percent boost. Rental rate growth was 1.7 percent in the quarter, compared to 7.4 percent in Q214.
The average original equipment cost of Neff’s rental fleet increased 10.9 percent to $762.5 million for the second quarter. Time utilization was 67.1 percent compared to 72.2 percent in the year-ago quarter.
Net income for the quarter increased to $14.7 million compared to a loss of $22.9 million in the second quarter of 2014.
“Despite challenging weather conditions and the headwinds from oil-and-gas activities, we achieved record rental revenues in the second quarter of 2015,” said Neff Corp. CEO Graham Hood. “Adjusted EBITDA was down by 2.9 percent year over year, due largely to public company related expenditures. We remain highly focused on managing our fleet and executing our strategy as we continue into the seasonally strong summer months of rental demand in a positive construction environment.”
For the first six months of 2015, revenues jumped 4.8 percent to $178.3 million compared to $10.1 for the first six months of 2014. Rental revenues hiked 4.2 percent to $159 million, compared to $152.6 million last year. Rental rate growth was 2.7 percent compared to 7.2 percent in the first six months of 2014.
Neff expects total revenue for 2015 to be $385 million to $395 million. It expects capital expenditures in the range of $130 million to $135 million.
Neff Corp., No. 10 on the RER 100, is headquartered in Miami.
