Emeco lifts earnings in FY18

Heavy equipment supplier Emeco Holdings has posted operating earnings of $153 million in its preliminary financial year results, which included a strong fourth quarter performance due to a ramp-up in new projects.

The full-year result, which is unaudited, represents an 83 per cent increase on last year’s earnings before interest, taxes, depreciation and amortisation (Ebitda) performance of $83.5 million.

The company said its operating earnings before interest and tax was $83.2 million, up significantly on last year’s result of $12 million.

Emeco also reported Ebitda of $45 million for the fourth quarter, which was largely due to a ramping-up of new projects.

“Emeco has sustained its strong performance in the fourth quarter, with continued increases in operating utilisation and operating Ebitda,” managing director Ian Testrow said.

“I am looking forward to releasing Emeco’s full-year results, which will report operating Ebit increasing six times on FY17 and significant cash generation.

“We expect to continue to build earnings into FY19, particularly after completion of the Matilda Equipment acquisition earlier this month.”

The news comes after the company recorded its first period of net profit since 2013 for its half-year results in February.

Emeco is scheduled to report its full-year results on August 21 2018.

Shares in Emeco finished off 1.43 per cent at 34 cents each today.