Electro Rent Profits Jump by 21% in Third Quarter

Electro Rent Corp., a Van Nuys provider of electronic-equipment rentals, said its fiscal third-quarter profit jumped 21% from a year earlier on a 3% gain in revenue.

In the quarter ended Feb. 29, Electro Rent's net income rose to $2.04 million from $1.69 million a year earlier, and its revenue edged up to $26 million from $25.3 million. Electro Rent cited lower debt-interest costs and higher sales of used equipment for the profit gains.

For the first nine months of its fiscal year, Electro Rent's profit rose 23%, to $6.55 million from $5.34 million, and its nine-month revenue inched up to $76.9 million from $76.5 million.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World