Essex Rental Corp., Buffalo Grove, Ill., reported total revenue for the second quarter of $27.2 million, a 21.7 percent increase from a year ago. Other highlights from the quarter included:
- Average monthly crawler crane rental rates increased by $808 or 5.0 percent to $17,041 on a sequential quarterly basis, compared to $16,233 for the three month period ended March 31, 2012.
- On a year-over-year basis, average monthly crawler crane rental rate increased $1,694 or 11.0 percent from $15,347 for the second quarter of 2011. Average monthly crawler crane rental rates are at their highest level since the first quarter of 2010.
- Excluding the impact of the levee project that was active in 2011, utilization of crawler cranes increased to 39.4 percent in the second quarter of 2012, compared to 34.8 percent for the comparable quarter in 2011.
- Utilization of rough terrain cranes increased to 67.6 percent in the second quarter of 2012, compared to 54.8 percent for the first quarter of 2012.
- Utilization of heavy tower cranes and elevator lifts increased to 55.1 percent in the second quarter of 2012, compared to 47.9 percent for the first quarter of 2012.
- New, used and rental equipment sales totaled $8.6 million for the three-month period ended June 30, 2012, a 61.4 percent increase from $5.3 million for the three-month period ended June 30, 2011.
Ron Schad, president and CEO of Essex, said, “We are satisfied with the results achieved during the second quarter of 2012 and believe that the results represent a validation of our decision to broaden our equipment portfolio to include rough terrain cranes, boom trucks and tower cranes as well as add predictable business lines such as third-party aftermarket parts and service sales. Much of the increase in earnings on both a sequential quarter and year over year basis is as a result of operating improvements that have been implemented over the last six months.”