United Rentals sees revenues increase in second quarter
STAMFORD — United Rentals, the world’s largest equipment rentals company, reported this week growing returns for the past quarter, which saw a new CEO take over.
Firstquarter revenues increased 21 percent year over year, to about $2.3 billion. Profits amounted to $270 million, unchanged from the total a year ago.
“We were pleased with our solid growth in revenue for both our general rental and specialty segments and our adjusted (earnings) for the second quarter,” Matthew Flannery, United’s new CEO said in a statement. “Importantly, the market outlook for the second half of 2019 remains positive based on feedback from our customers and the field. The multiple integrations we have underway will continue to gain traction in the back part of the year.”
Flannery, United’s former president and chief operating officer, succeeded Michael Kneeland as CEO. At the same time, Kneeland became the company’s board chairman.
Since 2009, United has nearly doubled in size, with about 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 driven United’s growth. Last year, it acquired equipment-rental firm BlueLine Rental for about $2.1 billion and liquidmanagement firm BakerCorp International Holdings for $715 million.
Company shares were trading around midday Friday at approximately $119, down about 1 percent from their Thursday finish.