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United Rentals Inc. Reports Operating Results (10-Q)

July 20, 2010 | About:
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10qk

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United Rentals Inc. (URI) filed Quarterly Report for the period ended 2010-06-30.

United Rentals Inc. has a market cap of $638.9 million; its shares were traded at around $10.57 with and P/S ratio of 0.3. URI is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Chris Davis of Davis Selected Advisers, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Three months ended June 30, 2010 and 2009. 2010 equipment rentals of $450 decreased $4, or 0.9 percent, reflecting a 4.7 percent decrease in average fleet size, on an original equipment cost basis, and a 2.0 percent decrease in rental rates, partially offset by a 4.1 percentage point increase in time utilization. Dollar utilization, which reflects the impact of both rental rates and time utilization, and is calculated based on annualized rental revenue divided by the average original equipment cost of our fleet, increased 1.8 percentage points to 46.7 percent. Same-store rental revenues increased 2.7 percent. Equipment rentals represented 81 percent of total revenues for the three months ended June 30, 2010. On a segment basis, equipment rentals represented 81 percent and 83 percent of total revenues for general rentals and trench safety, power and HVAC, respectively. General rentals equipment rentals decreased $8, or 1.9 percent, primarily due to the impact of closed locations. General rentals same-store rental revenues increased 2.1 percent. Trench safety, power and HVAC equipment rentals increased $4, or 12.9 percent, reflecting an 11.2 percent increase in same-store rental revenues.

Six months ended June 30, 2010 and 2009. 2010 equipment rentals of $830 decreased $72, or 8.0 percent, reflecting a 6.2 percent decrease in average fleet size, on an original equipment cost basis, and a 4.2 percent decline in rental rates, partially offset by a 2.3 percentage point increase in time utilization. Dollar utilization decreased 1.0 percentage points to 42.9 percent. Same-store rental revenues decreased 4.3 percent. Equipment rentals represented 80 percent of total revenues for the six months ended June 30, 2010. On a segment basis, equipment rentals represented 80 percent and 82 percent of total revenues for general rentals and trench safety, power and HVAC, respectively. General rentals equipment rentals decreased $74, or 8.8 percent, reflecting a 4.8 percent decrease in same-store rental revenues. Trench safety, power and HVAC equipment rentals increased $2, or 3.3 percent, reflecting a 1.8 percent increase in same-store rental revenues.

Read the The complete Report

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