United Rentals, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of 2017
January 25, 2017 at 04:28 pm
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United Rentals, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, total revenues were $1,523 million against $1,523 million for the same period last year. Operating income was $402 million against $397 million for the same period last year. Income before provision for income taxes was $242 million against $292 million for the same period last year. Net income was $153 million or $1.80 per diluted share against $169 million or $1.81 per diluted share for the same period last year. Net cash provided by operating activities was $323 million against $438 million for the same period last year. Purchases of rental equipment amounted $101 million against $109 million for the same period last year. Purchases of non-rental equipment amounted $28 million against $26 million for the same period last year. Earnings per share - adjusted were $2.67 against $2.19 for the same period last year. EBITDA was $722 million against $717 million for the same period last year. Adjusted EBITDA was $749 million against $744 million for the same period last year. Free cash flow was $336 million against $411 million a year ago.
For the year, total revenues were $5,762 million, against $5,817 million for the same period last year. Operating income was $1,415 million against $1,518 million for the same period last year. Income before provision for income taxes was $909 million against $963 million for the same period last year. Net income was $566 million or $6.45 per diluted share against $585 million or $6.07 per diluted share for the same period last year. Net cash provided by operating activities was $1,953 million against $1,995 million for the same period last year. Purchases of rental equipment amounted $1,246 million against $1,534 million for the same period last year. Purchases of non-rental equipment amounted $93 million against $102 million for the same period last year. Earnings per share - adjusted were $8.65 against $8.02 for the same period last year. EBITDA was $2,665 million against $2,774 million for the same period last year. Adjusted EBITDA was $2,759 million against $2,832 million for the same period last year. Free cash flow was $1,182 million against $919 million a year ago.
The company also provided the outlook for the full year 2017. For the year, the company expects net cash provided by operating activities in the range of $1,675 million to $1,875 million. Purchases of rental equipment is expected to be in the range of $1,400 million to $1,500 million, purchases of non-rental equipment is expected to be in the range of $75 million to $125 million, free cash flow is expected to be in the range of $650 million to $750 million. Total revenue is expected to be in the range of $5.75 billion to $5.95 billion, adjusted EBITDA to be in the range of $2.7 billion to $2.85 billion.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of 2017