Greenwich, CT - United Rentals Inc. has announced financial results for the third quarter 2011. Total revenue was $713 million and rental revenue was $604 million, compared with $605 million and $507 million, respectively, for the same period last year.
On a GAAP basis, the company reported third quarter 2011 net income of $65 million, or $0.91 per diluted share, compared with $23 million, or $0.33 per diluted share, for the same period last year. Adjusted EPS for the quarter, which excludes the impact of special items, was $0.92 per diluted share, compared with $0.40 per diluted share for the same period last year.
Third Quarter 2011 Highlights
- Rental revenue increased 19.1%, reflecting year-over-year increases of 7.5% in rental rates and 15.0% in the volume of equipment on rent. The company has updated its outlook for an increase in rental rates to about 6% for the full year.
- Time utilization was 73.5%, an increase of 2.2 percentage points from the same period last year, and a record high for the company. The company has raised its outlook for a full-year increase in time utilization to approximately 3.0 percentage points year-over-year.
- The company generated $42 million of proceeds from used equipment sales at a gross margin of
35.7%, compared with $32 million of proceeds at a gross margin of 31.3% for the same period last year.
- Adjusted EBITDA was $282 million, an increase of $66 million compared with the same period last year. Adjusted EBITDA margin was 39.6%, an increase of 3.9 percentage points compared with the same period last year, and a record for the company.
For the entire report, visit www.ur.com.