Distributor and rental company Noble Iron posted full year revenue of $26.9 million, compared to $21.1 million last year, a 27.5-percent increase. In the fourth quarter, Noble Iron posted $7.4 million compared to $5 million in the year-ago fourth quarter, a 49-percent leap.
Full year adjusted EBITDA was $1.05 million, compared to $265,000 a year ago.
The revenue increases were because of higher equipment rental revenues, increased sales of software licenses and conversions of existing customers from on-premise software to the company’s SaaS software products.
“Our strategy remains to offer regional construction professionals the most comprehensive selection of equipment and services on-demand, because of a synergistic combination of our logistics infrastructure, equipment service capability, shared asset marketplace, and state-of-the-art technology,” said Nabil Kassam, Noble Iron chairman and CEO. “Many of the major initiatives we began in 2014 and early 2015, including our real estate and operations consolidation in Southern California, reorganizing our teams, investing further in our equipment marketplace, and developing new technologies, have begun to demonstrate positive strategic and financial results.”
During the fourth quarter, Noble Iron completed the consolidation of its Southern California operations into a single location in Los Angeles.
With headquarters in San Francisco, Noble Iron is No. 98 on the RER 100.
