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United Rentals, Inc. (NYSE: URI), Greenwich, CT, reported third quarter revenue was $605 million, an increase of 2.2 percent over the same period a year ago. Rental revenue accounted for $507 million, compared with $478 million for the third quarter 2009. Profit was $23 million, compared to no profit a year ago.
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For the first nine months, revenue was $1.64 billion, down 8.9 percent from the same period a year ago. Rental revenue was $1.34 billion, compared to $1.38 billion last year. The equipment rental company recorded a year-to-date loss of $5 million, compared to a loss of $36 million for the first nine months of 2009.
"While the recovery is progressing slowly, business conditions have improved in all of our operating regions," CEO Michael Kneeland said. "Rental is a very attractive alternative to buying equipment right now, aided by tight credit markets and cautious customer behavior. As a result, we are seeing increased demand despite the weakness in construction spending."