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Tuesday, Nov 28, 2023

Electro Rent Misses Estimates

Electro Rent Corp. fell short of analyst expectations for earnings in the fiscal first quarter, based on financial results announced Monday. The Van Nuys computer and electronic test equipment supplier reported net income of $4.8 million (20 cents a share) for the quarter ending Aug. 31, compared with $5.7 million (23 cents) in the same period a year earlier. Revenue increased 3 percent to $61.9 million. Analysts estimated earnings of 26 cents a share, according to Thomson Financial Network. The company reported strong sales in new and used equipment for the quarter, while rentals lagged behind, said Chief Executive Daniel Greenberg. “A few important customers suffered as a result of ongoing changes in government policy and market conditions outside of their immediate control,” Greenberg explained in a prepared statement. Shares closed up 6 cents, or less than 1 percent, to $13.91 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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