United Rentals Inc. announced financial results for the second quarter 2014 ended June 30, with rental revenue climbing 16.8 percent from the same period in 2013.
United Rentals Inc. announced financial results for the second quarter 2014, with rental revenue climbing 16.8 percent from the same period in 2013. Equipment rental rose 16.1 percent year-over-year, reflecting year-over-year increases of 10.3 percent in the volume of equipment on rent and 4.9 percent in rental rates.
Total revenue was $1.399 billion and rental revenue was $1.179 billion, compared with $1.206 billion and $1.009 billion, respectively, for the same period last year. On a GAAP basis, the company reported second quarter net income of $94 million, or $0.90 per diluted share, compared with $83 million, or $0.78 per diluted share, for the same period last year.
Additional highlights of the results include:
"The rebound in non-residential construction is continuing to drive up demand, particularly in the energy and commercial sectors,” said Michael Kneeland, CEO of United Rentals. “Given the vigorous activity we're seeing, and the benefit of secular penetration, we've raised our full year outlook—and we concur with the forecasts that show multiple years of healthy industry growth beyond 2014."
The company raised its 2014 outlook from a total revenue of between $5.45 billion and $5.65 billion, to total revenue between $5.55 billion and $5.65 billion. The company now anticipates its rental rates will increase 4.5 percent year-over-year; the previous outlook predicted a 4 percent increase.