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United Rentals, Inc., Greenwich, CT, announced sales for the second quarter 2009 of $615 million, down 26% from second quarter 2008. The company reported a net loss of $17 million, compared with a net loss of $202 million for the prior year same period.
During the quarter, 38 branches were closed or consolidated in the quarter, and headcount was reduced by approximately 800.
"Looking forward, we believe that our operating environment will remain very challenging," CEO Michael Kneeland said. "Our best estimate at this time is that non-residential construction activity will continue to decline on a year-over-year basis into 2010, although the rate of decline may moderate. Our infrastructure rentals should see the benefit of stimulus funds, while on a macro level we believe that our end markets will stabilize next year and begin a gradual recovery."
For the first half 2009, the company reported sales of $1.2 billion, down 24.6% from the same period last year. The company reported a net loss of $36 million, compared with a net loss $164 million for the same period in 2008.