Distributor and rental company Noble Iron posted total third quarter revenue of $7.3 million, compared to $5.8 million in the third quarter a year ago, a 26.2-percent hike. The construction and industrial rental and distribution segment of the company jumped 36 percent year over year from about $4.6 million to $6.2 million, with rental the primary driver of the increase, company officials said.
Noble Iron’s software segment, Texada Software, decreased from $1.2 million in the third quarter to $1 million in the recently concluded quarter.
Noble Iron’s adjusted EBITDA was $0.5 million, an increase of $0.1 million year over year. Net loss for the third quarter was $2.3 million, an increase of $700,000 compared to the third quarter of 2014.
For the first nine months of 2015, revenue was $19.5 million, compared to $16.1 million for the first nine months of 2014, a 21-percent hike.
The revenue increases were primarily attributed to higher rental revenues, the company said, as well as increased sales of software licenses and conversions of existing customers from on-premise software to SaaS software, as well as strengthening of the U.S. dollar versus the Canadian dollar.
Noble Iron serves customers in California and Texas, and is exclusive distributor of LiuGong Construction Machinery equipment and Allied Construction Products in Southeast Texas.