RERMAG

Wall Street Watch

RSC Holdings announced total revenues for the third quarter ended Sept. 30 were $462.0 million, up 8 percent from the $427.6 million reported for last year's third quarter. Rental revenues, which accounted for 89 percent of total revenues, grew 12.3 percent to $411.6 million from $366.4 million in the comparable year-ago period. Same-store rental revenues increased 10.2 percent for the period. Adjusted EBITDA increased 13.5 percent to $225.4 million in the third quarter compared to $198.6 million in the prior year, and adjusted EBITDA margin increased to 48.8 percent compared to 46.5 percent in the same quarter 2006.

In other company news, the Olathe, Kan., RSC Equipment Rental store was recently recognized as the best place to work and the best rental supply company in Johnson County, Kan., in the 10th annual reader's choice poll conducted by The Kansas City Community News. This county includes many suburban Kansas City communities and has a combined population of more than a half-million people.

Hertz Global Holdings reported record third-quarter 2007 revenues of $2.45 billion, an increase of 9.3 percent over the same period in 2006, led by an 11-percent increase in worldwide car rental revenues for the quarter to a record $1.98 billion. Worldwide equipment rental revenues were a record $464.9 million for the third quarter of 2007, a 2.6-percent increase over the prior-year period, while pricing decreased 0.1 percent.

Las Vegas-based Ahern Rentals continued strong operating results with $91.6 million in volume in the third quarter of 2007 ended Sept. 30, up 27-percent year over year compared with $72.1 million for the third quarter of 2006. Rental volume increased 20.9 percent year over year from $64.8 million in last year's third quarter to $78.4 million this year.

Same-store revenues increased 12 percent, or $7.8 million in the third quarter, year over year. The remaining $5.9 million increase comes from new branches in 2007 that were not open in 2006.

For the first nine months of 2007, total volume was $245 million, up 28 percent from $191 million for the same period last year. Rental volume jumped 24 percent from $170.7 million to $212 million. Average rental rates increased 5 percent in the third quarter compared with the same period last year, but average time utilization of Ahern's high-reach equipment dropped from 76 percent in 2006 to 72 percent this year.

Finning International, the world's biggest Caterpillar dealer/rental company recently raised its dividend for the second time this year, while posting a 68-percent increase in third-quarter net income on a 14-percent revenue increase. Finning posted CA $1.33 billion (about U.S. $1.37 billion) in revenue for the third quarter, up from $1.17 billion in the third quarter of 2006.

H&E Equipment Services announced a 32.6-percent revenue increase for the third quarter of 2007, rising from $204.1 million in last year's third quarter to $270.6 million this year. Rental volume grew 12.2 percent from $67.3 million to $75.6 million.

The results reflect the acquisition of distributor J.W. Burress Inc., which was completed Sept. 1.

In other H&E news, the company has been named an authorized Komatsu Utility dealer for Nevada and Southern California. The company has nine full-service locations through its Utah, Nevada and Southern California service territory.

TAGS: Ar Rental News
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