Positive start for Noble Iron
By Helen Wright02 June 2014
US equipment rental company Noble Iron reported revenues for the first quarter of 2014 of US$5.2 million (€3.8 million), up from $4.5 million (€3.3 million) for the same period last year.
The company offers both rental equipment and sales, as well as asset management software for the construction and industrial equipment industry.
It reported consolidated adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $0.8 million (€0.6 million), up from $0.3 million (€0.2 million) in the first quarter of 2013.
Overall, it reported a first quarter loss of $0.9 million (€0.7 million), an improvement on the loss of $1.3 million (€1 million) it reported for the same three months last year.
It said this improvement was down to tax recoveries, and added that overall losses were the result of continued investment in its rental fleet.
On a standalone basis, Noble Iron said its equipment rental and distribution segment generated an adjusted first quarter EBITDA of $1.2 million (€0.9 million), against $1.0 million (€0.7 million) for the same period in 2013.
Noble Iron rental depots offer equipment including aerial, forklift, light compact and heavy machines, and currently serve customers in Southern California and Southeast Texas, US.