Electro Rental Reports Mixed 3Q

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Shares in Electro Rent Corp. were flat Wednesday after the company reported strong sales along with a double digit dip in profits.


Electro Rent reported third quarter net income of $5.2 million (20 cents per share), a 12 percent dip from $5.9 million (23 cents) for the same period a year earlier, hurt mainly by a 14 percent hike in operating expenses for the quarter, the company said.


Revenue for the Van Nuys-based high tech diagnostic and test equipment rental and sales firm rose 6 percent to $31 million, helped by strong rental and lease gains which offset a decline in equipment sales.


Electro Rent shares were flat at $14.25 in afternoon trading on the Nasdaq.

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