United Rentals sales rise 7.1 percent
United Rentals reported first-quarter revenue increased 7.1% to $1.18 billion compared to $1.10 billion last year.
Rental revenue of $1.005 billion rose by 9.7% from $916 million for the same period last year.
Net income was $60 million, or 56 cents per diluted share, compared with $21 million, or 19 cents, for the same period last year.
Within rental revenue, owned equipment rental revenue increased 9.1%, reflecting year-over-year increases of 7.6% in the volume of equipment on rent and 4.3% in rental rates. The company has reaffirmed its outlook for a full-year increase in rental rates of approximately 4%, and full year total revenue in a range of $5.45 billion to $5.65 billion.
"The feeling in the field is upbeat -- our customers and managers are bullish about business prospects, including the long-awaited recovery in commercial construction," said Michael Kneeland, chief executive officer. "We plan to leverage our scale in this environment and bring in about $750 million of fleet in the second quarter. The integration of our National Pump acquisition is going well, and we've opened three new specialty branches in trench safety, power and HVAC."
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