Aggreko reports 18% rise in first-quarter revenue
Revenues were up 25% after excluding off-hires in Argentina.
Power generation equipment supplier Aggreko reported an 18% rise in revenue during the first quarter of 2017. After excluding off-hires in Argentina, revenues were estimated to rise by 25%.
Revenue within the power solutions industrial unit increased the most by 17%, with particularly strong performances in the Eurasia and Middle East regions. On the other hand, the power solutions utility revenue decreased by 7% due to repricing and off-hires in Argentina.
The firm noted that its investment in technology has begun to yield tangible results, after having signed orders for 50MW of next generation gas along with a first solar diesel hybrid contract of 7MW.
"I am pleased to see underlying growth in both business units, in particular in Power Solutions Industrial", remarked chief executive Chris Weston.
"We continue to execute on our business priorities: investing in technology; improving our customer focus; and delivering efficiencies. The new products have been well received in the market and it is good to see that our investment in technology is beginning to deliver results."
The Glasgow-based firm maintains an unchanged outlook for 2017.
In a previous earnings report, Aggreko expected pre-tax profit to fall in 2017 due to the "significant impact" of pricing discount. Nasdaq reported that the firm's pre-tax profits fell by 12% to £221m ($269.95m) for the year ended 31 December 2016 compared to the year prior.
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