United Rentals suffers second-quarter dip

News AED July 30, 2003
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United Rentals Inc

United Rentals Inc. reported second-quarter revenues of $728.1 million compared to $744.8 million for the second quarter of 2002.

Rental revenues were 75.6% of total revenues, sales of rental equipment were 5.7% and sales of equipment and merchandise and other revenues were 18.7%. Same-store rental revenues increased 1.8% year-over-year. Net income for the quarter was $23.4 million compared with net income of $51.1 million for the same period in 2002.

"Our results continued to be constrained by weakness in our end markets," said Bradley Jacobs, chairman and chief executive officer of United Rentals. "Non-residential construction was down nearly 10% year-over-year according to Department of Commerce data, and demand for our traffic equipment was well below expectations as budget shortfalls caused several key states to postpone spending on roads and bridges."

For the six-month period ending June 30 revenues were $1.32 billion compared to $1.34 billion for the first six months of 2002. Net income for the six-month period was $14.7 million in 2003 compared with a net income of $58.7 million last year.

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