New APR Energy owner posts financials

The new owner of APR Energy, Atlas Corp, has reported US$60 million revenues and net profits of $7 million for the power rental company in the three months to 30 June.

It is the first full quarter results reported by Atlas since the completion of the APR acquisition at the end of February this year. No comparative quarterly results from 2019 were given in the release.

Atlas, which is quoted on the New York Stock Exchange, said its guidance for APR in 2020 was for revenues in the $190 to $220 million range (for the period from 29 February to 31 December), with EBITDA of between $110 and $130 million.

During the second quarter the company had 966 MW of power on rent, representing 68.4% utilisation of its fleet. That is an improvement from 65.4% in the first quarter of the year but compares to 72.3% in the second quarter of 2019.

Atlas also owns Seaspan, which leases container ships, and which reported second quarter revenues of more than $300 million, a 10% increase year-on-year.

In June, Atlas reported that Brian Rich was appointed as President and Chief Operating Officer of APR Energy. Rich previously worked for APR in senior roles.