Revenues up for United Rentals
STAMFORD — United Rentals, the world’s largest equipment rentals company, has reported growing returns for the past quarter.
First-quarter revenues increased 22 percent yearover-year, to about $2.1 billion. Profits came to $175 million, compared with $183 million in the same period in 2018.
“We’re pleased with our solid start to 2019, and the broad-based growth we realized across geographies and verticals,” United CEO Michael Kneeland said in a statement this week. “We’re entering our busy season with the strongest service offering in our history, given
the strategic investments we’ve made across our business, including acquisitions, to best support our customers.”
Company shares closed Wednesday at nearly $126, down 0.23 percent from their Tuesday finish. U.S. markets closed for the day about 15 minutes after firstquarter results were announced.
Next month, Kneeland is scheduled to step down as CEOand become board chairman, while President and Chief Operating Officer Matthew Flannery will become CEO.
Kneeland has served as CEO since 2008. He joined the company in 1998, when his former company, Equipment Supply Co., was acquired by United.
Since 2009, United has nearly doubled in size, with 1,200 locations staffed by nearly 19,000 employees. It is headquartered in the First Stamford Place office complex, in the city’s Waterside section.
Acquisitions have fueled United’s growth. Last year, it acquired equipment-rental firm BlueLine Rental for about $2.1 billion and liquid-management firm BakerCorp International Holdings for $715 million.
The company ranked No. 424 on last year’s Fortune 500 list.