European rental chain Ramirent posted net sales in the third quarter of €163.6 million (about U.S. $203.4 million), a 1.6-percent decline compared to the third quarter a year ago, although net sales increased 1.9 percent at comparable exchange rates. EBITA, however, increased from €25.9 million a year ago to €28 million.
For the first nine months of 2014, Ramirent’s net sales declined 5.6 percent to €452.9 million, and EBITA dropped from €71.2 million last year to €51.3 million this year.
“After several quarters of decline in sales, we saw a small increase of 1.9 percent in our third quarter net sales at comparable exchange rates and adjusted for divested operations,” said Magnus Rosen, Ramirent CEO. “We intensified cost control in all our markets during the quarter and I am pleased to report an increase in our third-quarter EBITA margin from 15.6 percent last year to 17.1 percent. The market picture remained mixed, with no major market changes during the third quarter. In Sweden, increased demand supported net sales as several projects started. In Finland, net sales were supported by recent acquisitions although overall construction activity remains subdued and we see further risk on the down side.
“In Norway, modest demand for equipment rental continues from residential construction. In Denmark, demand was supported by construction in the capital city region and demand from the public sector. In the Baltics, our operations developed favorably backed by stable market conditions. In Europe Central, demand for equipment rental improved in Poland and the Czech Republic, while market activity is low in Slovakia.”
Based in Vantaa, near Helsinki, Finland, Ramirent has operations in 10 European countries.