Sunbelt Rentals Posts 25 Percent Revenue Growth
With its fiscal year ending April 30, Sunbelt Rentals showed revenue growth of 25.3%, growing from $2.19 billion to $2.74 billion, the company reported. Rental-only revenue and the company's same-store revenue data also showed significant increases.
Rental-only revenue increased about 27%, going from $1,530 million to $1,935 million. The company broke the growth down to 24% from an increase in fleet on rent and 2% from yield improvement. The company stated it was executing its long-term growth strategy of expanding its geographical footprint with "greenfield and bolt-on activity" and expanding its specialty businesses.
Same stores, those in existence as of May 1, 2013 for the company's 2013/14 fiscal year, showed 17% growth. With total market growth of about 7% last year, the company noted, the same-store numbers demonstrated that it was gaining market share.
Sunbelt invested $874 million in new rental equipment and $395 million in replacing existing eqiupment. Average age of Sunbelt's fleet is 26 months.
You can find the company's complete report here.
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