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United Rentals, Greenwich, Conn., recently released financial results for the second quarter ended June 30.
The company reported revenues of $730 million, a 44.9 percent increase over the $504 million reported for the second quarter of 1999. Of this increase, 16.8 percent represented same-store growth. Rental revenues were 70.1 percent of total revenues, sales of rental equipment were 11.6 percent, and sales of other equipment and merchandise and other revenues were 18.3 percent. Sharing of equipment among branches generated 10.3 percent of second-quarter rental revenues. The equipment utilization rate in the quarter was 62.8 percent.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $248 million, a 43.7 percent increase over the $173 million reported in the same period last year. Net income for the quarter was $47.2 million, a 28.8 percent increase compared to the same period last year.
For the six-month period ended June 30, revenues were $1.31 billion, a 46.1 percent increase over the $896 million reported for the first six months of 1999. EBITDA for the period was $426 million, compared to $301 million in the same period last year, a 41.7 percent gain. Net income for the six-month period was $64.6 million in 2000, a 22.2 percent increase over the $52.9 million reported in last year’s first six months.
Financial results for 1999 exclude pre-tax charges of $18.2 million, reflecting expenses incurred by the company related to its terminated tender offer for Rental Service Corp.
The company also has acquired 19 equipment rental companies with 22 locations and combined annual revenues of about $100 million. Since the beginning of this year, the company has completed 40 acquisitions with combined annual revenues of approximately $250 million. United’s letter of intent backlog consists of 11 companies with 19 locations and combined annual revenues of about $60 million.
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