Posted April 20, 2011
United Rentals sales up
United Rentals reported first quarter total revenue of $523 million, with rental revenue of $434 million, compared with $478 million and $380 million, respectively, for the same period last year.
Rental revenue increased 14.2%, reflecting year-over-year increases of 4.2% in rental rates and 12.8% in the volume of equipment on rent.
The company reported a first quarter 2011 net loss of $20 million, or 34 cents per diluted share, compared with a net loss of $40 million, or 67 cents per diluted share, for the same period in 2010.
"We have started the year with a very solid performance that includes rate improvement in all operating regions and record first quarter time utilization, as well as stronger gross margins on every major revenue stream," said Michael Kneeland, chief executive officer. "Once again we outpaced our end markets with significant rental revenue growth at a very early stage in the recovery. As demand for our services increases, we are focused on attaining the optimal balance of rate and utilization to drive returns."
