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United Rentals Inc. (NYSE: URI), Greenwich, CT, reported total revenues for the fourth quarter 2011 were $746 million and rental revenues were $589 million, with total revenues up 25 percent from the prior-year period.
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For the full year 2011, total revenues were $2.6 billion and rental revenue was $2.2 billion, up from $2.2 billion and $1.8 billion respectively for 2010. For the full year 2011, on a GAAP basis, the company reported income from continuing operations of $101 million.
In the fourth quarter 2011, the company reported income from continuing operations of $28 million, compared with a loss of $17 million in the same period in 2010.
Rental revenue increased 18.5 percent for the fourth quarter 2011 from the prior-year period, reflecting year-over-year increases of 6.7 percent in rental rates and 15.1 percent in the volume of equipment on rent. For the full year, rental rates increased 6.1 percent from 2010.
Michael Kneeland, CEO of United Rentals, said: "The fourth quarter marked a strong end to a stellar year for our company, particularly in light of the sluggish economy. Once again, we drove rental revenue ahead of the construction recovery through a combination of rate improvement and record time utilization on a larger fleet. … we are in an excellent position to capitalize on the emerging up-cycle as well as the broader secular shift toward equipment rental.”
Kneeland said the company is making good progress toward its planned acquisition of RSC Holdings.
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