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United Rentals, Inc. (NYSE: URI), Greenwich, CT, reported first-quarter total revenue of $656 million, up 25 percent in a year-over-year comparison. Rental revenue was $523 million, up 20.5 percent. Profit was $13 million, compared with a year-ago net loss of $20 million.
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"Our performance surpassed all prior first quarters, with record time utilization, record fleet growth, and record adjusted EBITDA, both dollars and margin," CEO Michael Kneeland said. "Once again, we drove profitable growth faster than the construction recovery. Both core areas of our business - general rentals and specialty operations - realized higher rates year-over-year on a fleet that was about $600 million larger on average."
On Dec. 15, 2011, United Rentals entered into a definitive agreement to acquire RSC Holdings, Inc. in a cash-and-stock transaction that ascribed a total enterprise value of $4.2 billion to RSC. United Rentals and RSC will each hold special meetings on April 27, 2012, where their respective stockholders will vote on whether to approve the merger and related matters.