All Financial results Articles

Terex AWP sales fell by 66.5% to US$397.7 million for the third quarter of the year and the division made a net loss of $50.1 million. The company said its rental customers in North American and Europe continued to age and reduce their fleets and defer investment.

Speedy Hire is to make further £30 million cost savings during the current financial year (to 31 March 2010) in response to continued weakness in its markets.

Aggreko said it expects profits levels in 2009 to be slightly higher than in 2008 thanks to cost cutting measures and continued growth in its international power projects business. Its local businesses continue to fall compared to last year, but Aggreko said it did not expect these to get any worse.

Australian heavy equipment rentals company Emeco is to significantly downsize its European operation over the next year and undertake a strategic review of its US business as part of a restructuring that will also see it sell off many of its smaller ‘civil construction’ machines in Europe and the US.

Manitou has reported a 56% fall in revenues to €357.8 million for the first half of the year, with sales down 60% in Europe and 66% in North and South America.

Ashtead claims market share gains Ashtead Group, the UK-based owner of A-Plant and Sunbelt Rentals, said it was gaining market share in difficult trading conditions. The company posted revenues down 19% to £221.6 million for the quarter to 31 July, with operating profits 54% lower at £23.9 million.

Lavendon Group’s revenues fell by 16% on a constant currency basis to £114.0 million for the first six months of the year (7% down in Sterling). Operating profits before one-off costs were down 32% to £14.1 million, but exceptional charges of £43.2 million produced an operating loss of £31.2 million.

A slump in demand for temperature control equipment in North America and Europe dented Aggreko’s results in the first half of 2009, although continued growth of its international power projects helped the company increase its revenues and profits in the period.

Continued weakness in the US construction market led Ahern Rentals to report a 26% fall in revenues to US$61.7 million for the three months to 30 June. Ahern made an operating loss of $87.9 million for the quarter.

Finning International has announced a strategic review of Hewden, its UK rental business, following further deterioration of its results in the second quarter of 2009 and little prospect of improved business conditions “well into 2010”.

Ramirent remained profitable in its second quarter of the year, posting after tax profits of €8.5 million – down over 60% on the same period last year – on revenues that were 31% down at €124.6 million.

Catherine Stratton, author of the respected Plant Hire Investment Report, said the UK plant hire sector was facing one year or more of further decline in demand and that a rising level of business failures was the likely result.

Rental revenues at H&E Equipment Services in the US fell by 33.4% to US$50.1 million for the second quarter of the year. Total revenues, including H&E’s large new equipment sales business, fell by 36.2% to $180.2 million compared to the same quarter in 2008. Net profits fell to $0.3 million from $16.1 million.

Cramo painted a bleak picture in its latest financial results warning that hundreds of further job cuts will be made as market conditions continue to weaken towards the end of the year.

Revenues at Hertz Equipment Rental Corp (HERC) fell 37.5% to US$277.0 million for the three months to 30 June (a 34.6% decrease in constant currency). The company said the equipment rental business was “hovering near the bottom” of the recession.

United Rentals saw total revenues fall by 26% to US$615 million and rental revenues by 28% to $454 million for the three months to 30 June. Operating profit was $5 million for the quarter, compared with $128 million for the same period last year.

JLG Industries’ revenues for the third quarter of the year ending 30 June fell by 77% to US$211.2 million and the company made an operating loss of $71.2 million. The same quarter in 2008 saw revenues of $920 million and profits of $125 million.

Second quarter sales at Terex's Aerial Work Platform division fell by 72.2% to US$209.0 million and the division made an operating loss of $32.8 million in the period. Terex said it did not expect a recovery in the aerial platform market for another 12 months and that the division would continue to make losses until recovery begins.

Revenues at the Lavendon Group fell 13% of a constant currency basis for the first five months of the year, with the UK, Belgium, France and Spain performing worst. In UK currency, total sales fell by just 5% for the five months and the company said its resilience against current economic conditions had improved during the period.

Aggreko said its local rental businesses in Europe and North America had deteriorated in the second quarter, with temperature control equipment most affected.