United Rentals, Inc. (NYSE: URI), Greenwich, CT, reported sales for the second quarter 2011 were $629 million and rental revenue was $524 million, compared with $557 million and $450 million, respectively, for the same period last year.
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The company reported second quarter 2011 income from continuing operations of $28 million, compared with $12 million for the same period last year.
Rental revenue increased 16.4 percent, reflecting year-over-year increases of 6.1 percent in rental rates and 13.8 percent in the volume of equipment on rent.
The company generated $41 million of proceeds from used equipment sales at a gross margin of 31.7 percent, compared with $37 million of proceeds at a gross margin of 24.3 percent for the same period last year.
Michael Kneeland, CEO of United Rentals, said: “Our strong numbers in the quarter defied a flat construction environment and elevated our performance well above the same period last year. … As we capitalize on the increasing demand for our equipment, we are also scrutinizing our cost structure for sound ways to enhance our operating leverage."
For the first half 2011, the company reported revenue of $1.15 billion and rental revenue of $958 million, compared with $1.03 billion and $830 million, respectively, for the same period last year.
