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United Rentals, Inc. (NYSE: URI), Stamford, CT, reported sales for 2013 were $4.95 billion, up 6.2 percent on a pro forma basis over 2012. Rental revenue increased 7 percent to $4.2 billion. Profit was $387 million, compared with year-ago profit of $75 million.
For the fourth quarter, sales were $1.3 billion, up 7 percent over the same period a year ago. Rental revenue increased 9.4 percent year-over-year to $1.1 billion. Profit was $140 million, compared with year-ago profit of $41 million.
"This year, we will continue to implement our strategy to profitably grow the business, drive down leverage and return cash to shareholders. We expect our growth to be supported by higher rental rates, free cash flow generation and an increase in demand from our end markets," CEO Michael Kneeland said. "We agree with industry forecasts that the bulk of the recovery in nonresidential construction lies ahead, and equipment rental is still in the early stages of a multi-year growth cycle."