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Tuesday, Feb 7, 2023

Briefs: ElectroRent, Superior

Electro Rent Corp. reported a drop in its quarterly earnings on Monday as a result of a slowdown in equipment rentals. The Van Nuys company, which sells and rents electronic testing equipment, had net income of $4.8 million (20 cents a share) for the second fiscal quarter ended Nov. 30, compared to net income of $5.6 million (23 cents) for the same quarter a year earlier. Revenue increased 3.5 percent to $59.7 million. The sole analyst who covers the company expected earnings of 20 cents a share, according to Thomson Financial Network. The company explained the drop in earnings by saying equipment rental revenue for the quarter was down about 5 percent compared to the prior year. “Our business remained fairly constant for the second quarter,” Daniel Greenberg, chief executive, said in a statement. “With monthly expansion throughout the second quarter, we remain optimistic about the long-term viability of a meaningful equipment rental market.” Shares did not trade Monday because of the Martin Luther King Jr. holiday. Superior Industries International Inc. announced its outlook for 2015 Monday, with a significant drop in investment and flat sales. The Van Nuys company, which makes aluminum wheels for cars and light trucks, forecasts revenues between $725 million and $800 million. While the company has yet to declare its 2014 full-year results, it averaged $186 million a quarter for the first nine months of the year, which would put it near the mid-point of the 2015 estimate. The company expects capital expenditures for 2015 to total about $40 million, significantly lower than 2014 when it was building a new manufacturing plant in Mexico. “2015 will be an important year for our company as we move toward full production capability in our new Mexican facility, continue to deliver high quality product and innovative ideas, while improving operational and administrative efficiencies,” Chief Executive Don Stebbins said in a statement. Shares did not trade Monday because of the Martin Luther King Jr. holiday.

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