Fourth quarter fiscal 2013 revenue for Titan Machinery, West Fargo, N.D., up 29.2 percent versus last year. The company said all four of its revenue sources — equipment, parts, service and rental — contributed to this period-over-period revenue growth. David Meyer, Titan Machinery’s chairman and CEO, said, “In the fourth quarter, we continued to generate strong sales, which enabled us to exceed the high end of our fiscal 2013 annual sales guidance. Our agriculture segment performed well in the fourth quarter and throughout fiscal 2013 despite certain weather related challenges farmers faced earlier in the year. Our construction business generated top line growth in fiscal 2013; however, our bottom line results for this segment reflect difficult industry conditions as well as us falling short of our operational targets. To improve our overall construction operating results, we are refocusing on generating stronger revenue growth, improving operating expenses and driving better pre-tax returns.”
Percentage discount offered each month on a different product to celebrate the 40th anniversary of Tim’s Rent-All, Bowmanville, Ontario, Canada, which was opened on April 1, 1973, by Tim Coffey. Coffey’s daughter and son-in-law own and run the rental store today.
Number of years J&F Reddy Rents, St. Louis Park, Minn., has been in business. Jack Fitzgerald and his uncle formed the company in 1963 to serve contractors and homeowners in the west Twin Cities metro area. They quickly outgrew their original location and moved a few years later into a larger building at 4911 Excelsior Blvd. In 1976, Fitzgerald purchased a trailer rental business in South Minneapolis to open his second store. In 1982, that store moved into a larger facility. Today this site offers a full line of rental equipment and propane sales. In 1989, the St. Louis Park store moved again to a larger building. Since that move, the St. Louis Park store has added a full line of trailers, a propane exchange service and a fleet of rental cars. Fitzgerald passed away in 2008, but his children continue to run the business. Today, Reddy Rents has a staff of more than 25 people. During 2013 the company will be adding new equipment and will be hosting a series of events to celebrate its 50th anniversary. One of the events will be a floor sanding class that will be held the second Saturday of each month. Participants will have the opportunity to use floor sanders on an actual hardwood floor. The company also will host its annual Ladies Day in the fall of 2013.
Percentage growth in first quarter 2013 revenues for Aggreko, Glasgow, U.K. In an interim report, the company said the Americas region grew revenues by 9 percent on an underlying basis; Asia, Pacific and Australia (APAC) was 1 percent ahead of last year on an underlying basis; and Europe, Middle East and Africa (EMEA) grew 13 percent on an underlying basis.
Cost of the new manufacturing facility at Kubota Industrial Equipment (KIE) in Jefferson, Ga. The 522,000-sq.-ft. plant on the 88-acre site recently began production of Kubota’s 30- to 50-hp compact tractor models and celebrated a grand opening event co-sponsored by Kubota Tractor Corp., the U.S. marketer and distributor of Kubota tractors and equipment. Kubota began doing business in Georgia about 40 years ago, with its first operations located in Norcross. In the mid-1980s, Kubota purchased its first office building in the state at the current Southeast Division headquarters in Suwanee. Since that time, Kubota has further expanded its operation in Georgia to include Kubota Manufacturing of America (KMA) in Gainesville; its National Distribution Center (NDC) in Jefferson; and Kubota Industrial Equipment (KIE), also in Jefferson. Today in Georgia, the company employs more than 1,700 people at Kubota facilities and has 43 dealerships that retail and market Kubota-branded products. Added to existing facilities in the state, the recent expansion brings Kubota’s total footprint of manufacturing and assembly space in Georgia to 2.1 million sq. ft. The new facility is located on the same site as the existing KIE property in Jefferson, which currently produces Kubota implements, including loaders and backhoes. The new facility is expected to have a production capacity of 22,000 units annually.
United Rentals first quarter 2013 results
United Rentals, Greenwich, Conn., reported its results for the first quarter 2013 on April 16, 2013. “Our first quarter performance has given us a strong start to a pivotal year. Revenue, rates and time utilization all met or exceeded our expectations and our adjusted EBITDA margin of 41 percent as a first quarter record for us. We remain solidly on track for a year of disciplined growth, including a rental rate increase of 4.5 percent on total revenue of approximately $5 billion,” said Michael Kneeland, United Rentals CEO. The following are some of key number highlights of the company’s first quarter results:
Size of the rental fleet at original equipment cost at March 31, 2013, compared with $7.23 billion at Dec. 31, 2012.
Total revenue for the first quarter 2013.
Total rental revenue for the first quarter 2013, up 5.4 percent versus the same period last year, reflecting year-over-year increases of 5.8 percent in the volume of equipment on rent and 5.4 percent in rental rates.
Proceeds from used equipment sales in the first quarter at a gross margin of 43.9 percent compared to $125 million at a gross margin of 39.2 percent last year.
Cost synergies realized in the first quarter from the continued RSC integration.
Net income for the first quarter, up 62 percent compared to $13 million for the first quarter last year.
Percentage time utilization for the first quarter, up 30 basis points year over year. The company expects full-year time utilization of 68 percent.
Average age, in months, of the rental fleet on an original equipment cost (OEC)-weighted basis at March 31, 2013, compared to 47.2 months at Dec. 31, 2012.