Ahern Rentals’ first quarter rental revenue grew 40.2 percent year over year, according to documents filed last week with the Securities and Exchange Commission. First quarter rental volume increased from $35.3 million in the first quarter of 2005 to $49.6 million this year. Total revenue jumped almost 39 percent from last year’s first quarter’s total of $40.1 million to this year’s $55.6 million.
Gross profit grew from $11.8 million in last year’s first quarter to $19.4 in this year’s period, a 64-percent leap. Net income grew from a $1.5 million loss last year to a gain of $3.6 million in Q106.
Ahern Rentals continues to invest in the business substantially, with $39.8 million invested in purchases of rental equipment and other property in the first quarter, up from $17.4 million in the same period of 2005.
The company said increased revenues were the result of average dollar utilization increasing to 48 percent from 43 percent in 2005, and higher average investment in rental fleet, having invested $149.2 million during the 12-month period ended March 31, 2006. The company credits the increased dollar utilization to a 12-percent increase in average rental rates and an increase in average time utilization of its high-reach equipment from 66 percent in 2005 to 69 percent in Q106.
Based in Las Vegas, Ahern Rentals is No. 12 on the RER 100. The company posted 2005 rental volume of $179.9 million and total volume of $203.7 million.