United Rentals Inc. (NYSE: URI), Stamford, CT, reported sales for the first quarter of $1.3 billion, flat compared to the same period a year ago. Equipment rentals were also flat at $1.1 billion. Profit decreased 20 percent to $92 million.
During the first quarter we saw broad-based, improving demand in many of our core markets, which was most apparent in accelerating volume," said Michael Kneeland, CEO. "On the other hand, we continue to face significant headwinds from oil and gas and from our Canadian business, pressuring rental rates. We are encouraged, however, by industry data that shows that fleet supply-demand dynamics are moving towards equilibrium in the U.S."