Shares of Essex Rental Corp. (NASDAQ: ESSX), a provider of cranes for a range of construction projects, surged in trading today.
ESSX shares ended the day 17.63% higher at $3.47 on volume of 84,003. The stock touched an intra-day high of $3.50 in trading today.
Essex Rental last month reported its first-quarter financial results. The company’s average monthly crawler crane rental rates rose by $717 to $16,233 for the first quarter ended March 31, 2012.
Utilization of ESSX’s rough terrain fleet was 54.8%. Utilization of the company’s larger tower cranes and elevator lifts improved 10.6% on a sequential basis in the first quarter.
The company’s equipment rentals segment revenue, which account for 76.3% of total revenue, were $18.1 million in the first quarter of 2012, compared to $13.2 million reported for the same period last year.