Sunbelt Rentals revenues totaled $820.8 million in the first quarter of 2015, compared to $634.4 million in the first quarter of 2014, a 28.6 percent increase. Physical utilization for the first quarter was 72 percent, the same as last year, although in July it was two percent higher than in the same month last year.
Rental revenue growth was the result of higher used equipment sales than last year in response to a downturn in oil and gas markets, according to Ashtead CEO Geoff Drabble.
In addition, growth can also be attributed to the opening of 50 new locations over the past year.
“Sunbelt’s rental revenue growth clearly demonstrates the overall health of our broader markets and the benefits of our more transactional business model. Particularly encouraging is that, after a weather-impacted spring, our seasonal improvement in demand was very strong, resulting in record levels of physical utilization in July on a fleet that was 26 percent larger,” Drabble said.