Essex Rental Corp. announced its unaudited consolidated results for the first quarter ended March 31, 2012.
Average monthly crawler crane rental rates increased by $717 to $16,233 for the three-month period ended March 31, 2012 from $15,516 for the quarter ended March 31, 2011. Excluding the impact of the levee project that was active in 2011, utilization of crawler cranes increased to 37.0% in the first quarter of 2012, compared to 33.9% in the first quarter of 2011.
Ron Schad, president and CEO of Essex states, "During the first quarter of 2012 we continued to see positive trends in our rental and service segments. Rental rates remain stable and, in certain asset types including heavy lift rough terrain equipment and certain crawler crane classes we have achieved utilization levels that provide us the opportunity to increase rental rates. We achieved sequential quarterly increases in the utilization of many of our equipment classes, including our rough terrain and large tower crane fleets. We are experiencing increased demand from energy and petrochemical related customers located in the Gulf Coast region, central California and in the Pacific Northwest..."