Ahern Rentals increased second-quarter total revenue 19.3 percent, posting $98.1 million, compared with $82.2 million for the same period in 2007. Rental revenue increased 19.8 percent year over year, with $83.9 million for the second quarter this year, compared with $70 million for the same period last year.
Gross profit for the second quarter was $30.2 million, compared with $28 million for the year-ago period, a 7.8-percent increase. Same-branch revenues increased 16 percent or $11 million for the period, the remaining $2.9 million in increased revenue comes from three new branches opened after the second quarter of 2007. Ahern Rentals officials said increased revenues resulted from an increase in the number of units available for rent as a result of capital expenditures that increased the average original cost of Ahern’s rental fleet to $786 million in 2008 compared with $610 million in 207, partially offset by a decrease in average dollar utilization from 46 percent in 2007 to 43 percent in 2006. Average rental rates dropped 5 percent, although average time utilization of the company’s aerial equipment increased to 70 percent in Q2 2008 compared with 69 percent for the second quarter of 2007.
Total revenues jumped 24.9 percent for the first six months of 2008, with $191.6 million in total volume compared with $153.3 million for the same period in 2007. Rental revenues leaped 21.6 for the first half, posting $162.4 million in rental volume compared with $133.6 million for the same period last year. Gross profit increased 13.5 percent from $51.9 million in the first six months of 2007 to $58.9 million this year.
Last month Ahern Rentals opened two new branches — in Bernalillo, N.M., and Gardnerville, Nev. — giving the company 46 locations.
Based in Las Vegas, Ahern Rentals is No. 8 on the RER 100.