Solid first half for Neff Corp
By Helen Wright28 July 2016
US rental company Neff Corp reported an 8.6% increase in rental revenues for the first six months of 2016 to US$173 million (€156 million).
Total revenues were up 6.1% year-on-year for the first half to US$189 million (€170 million). Utilisation stood at 66.6%, compared to 65.4% for the first six months of 2015, while Neff said rental rates were down 1.2% compared to last year.
Net income dropped to US$9.5 million (€8.6 million) from US$18 million (€16.2 million) a year ago.
Looking ahead, Neff said it expected full-year revenues to be in the range of US$390 million (€351 million) to US$410 million (€369 million), while net capital expenditure is expected to be in the US$100 million (€90 million) to US$110 million (€99 million) range.
CEO Graham Hood said the second quarter had been “solid” for the company, reflecting the ongoing strength in the construction markets the company served.
“We expect this strength to continue for the remainder of 2016,” he said.