Pasadena’s General Finance Corporation Release First Quarter Results

General Finance Corporation, a leading specialty rental services company based in Pasadena, has announced its consolidated financial results for the 2017 first quarter ending September 30, 2016.

The company’s total revenues for the quarter was $62.8 million, compared to $63.8 million for the first quarter of fiscal year 2016. Leasing revenues comprised 67 percent of total non-manufacturing revenues in both the first quarters of fiscal years 2017 and 2016. The leasing revenues increased by 12 percent, excluding the oil and gas sector and the favorable foreign exchange impact.

“We delivered increased leasing revenues during the first quarter of fiscal year 2017 outside of the oil and gas sector,” said Ronald Valenta, General Finance President and Chief Executive Officer. “In September, we began to see positive signs in the energy sector, including increased drilling activity and improved fleet utilization. In the Asia-Pacific region, our non-oil and gas leasing revenues also increased, primarily driven by continued strength from the construction sector and a moderately higher Australian dollar relative to the U.S. dollar.”

General Finance also reported revenues from North American leasing operations for the first quarter totaled $37.5 million, up one percent from $37.0 million for the first quarter of fiscal year 2016.

Revenues from the company’s Asia-Pacific operations totaled $24.2 million, a decrease of two percent compared with $24.7 million for the first quarter of fiscal year 2016. General Finance said the decline in revenues occurred primarily in the retail, oil and gas, mining and government sectors, partially offset by an increase in the consumer sector, and was accompanied by a moderately favorable foreign exchange translation effect between periods.

General Finance Corporation, with headquarters at 39 East Union Street in Pasadena, offers portable storage, modular space and liquid containment solutions in North America and in Australia and New Zealand.