United Rentals, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year December 31, 2011; Provides Earnings Outlook for the Full Year 2012
January 25, 2012 at 04:15 pm
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United Rentals, Inc. announced consolidated earnings results for the fourth quarter and full year December 31, 2011. For the quarter, the company's total revenues were $746 million, compared with $597 million for the same period in 2010. On a GAAP basis, the company reported income from continuing operations of $28 million, or $0.39 per diluted share, compared with a loss of $17 million, or $0.29 per diluted share, for the same period in 2010. On an adjusted basis, EPS for the quarter was $0.82 per diluted share, compared with $0.16 per diluted share in 2010. Operating income was $115 million compared with $47 million a year ago. Income from continuing operations before provision (benefit) for income taxes was $56 million compared with loss from continuing operations before provision (benefit) for income taxes of $40 million a year ago. Net income available to common stockholders was $29 million or $0.39 per diluted share compared with net loss available to common stockholders of $21 million or $0.35 per diluted share a year ago. Net cash provided by operating activities was $155 million compared with $109 million a year ago. The company reported purchases of rental equipment of $143 million compared with $59 million a year ago. EBITDA was $245 million compared with $164 million a year ago. Adjusted EBITDA was $281 million compared with $181 million a year ago.
For the year, the company's total revenues were $2.6 billion, compared with $2.2 billion for the same period in 2010. On a GAAP basis, the company reported income from continuing operations of $101 million, or $1.38 per diluted share, compared with a loss of $22 million, or $0.38 per diluted share, for 2010. On an adjusted basis, EPS for the year was $1.87 per diluted share, compared with $0.33 per diluted share in 2010. Operating income was $396 million compared with $197 million a year ago. Income from continuing operations before provision (benefit) for income taxes was $164 million compared with loss from continuing operations before provision (benefit) for income taxes of $63 million a year ago. Net income available to common stockholders was $101 million or $1.38 per diluted share compared with net loss available to common stockholders of $26 million or $0.44 per diluted share a year ago. Net cash provided by operating activities was $608 million compared with $452 million a year ago. The company reported purchases of rental equipment of $774 million compared with $346 million a year ago. EBITDA was $879 million compared with $649 million a year ago. Adjusted EBITDA was $929 million compared with $691 million a year ago.
The company provided earnings outlook for the full year 2012. For the year, the company expects an increase of rental rates of 5% year over year, net rental capital expenditures of between $770 million and $820 million, and free cash usage (negative flow) in the range of $50 million to $100 million. The company is going to spend about $1 billion of gross capital expenditure. The company expects between 62% and 67% adjusted EBITDA flow-through to total revenue.
United Rentals, Inc. is specialized in equipment rental services intended especially for the construction and manufacturing industries, public services, governmental agencies and private individuals. Net sales break down by activity as follows:
- equipment rentals (86.9%);
- sale of rental equipment (8.3%);
- sale of new equipment (1.3%);
- sale of equipment to businesses (1.1%);
- other (2.4%): in particular, repair services and spare part sales.
Net sales per market are split between general industry (73.7%), electrical energy and security (26.3%).
The United States account for 90.1% of net sales.
United Rentals, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year December 31, 2011; Provides Earnings Outlook for the Full Year 2012