Electro Rent Corp.’s profit jumped 63 percent in its fiscal first quarter as the Van Nuys seller and leaser of computers and other technology equipment saw more lease and rental business here and overseas.
The company on Wednesday reported first-quarter net income of $8.5 million (35 cents per share) compared with $5.2 million (22 cents) in the same period a year ago.
Revenue rose 16 percent to $58.7 million. Business customers in North America and Europe rented more equipment from the company, with revenue from foreign locations up 50 percent from the same period a year ago.
“Recent acquisitions made possible by our strong balance sheet have helped us cultivate the largest, most in-demand equipment inventory available, giving Electro Rent a solid competitive advantage as companies throughout the world encounter challenges gaining access to capital,” Chief Executive Daniel Greenberg said in a statement.
Shares were down 64 cents, or 4 percent, to $14.29 in midday trading on the Nasdaq.
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