Industry News News
In its latest five-year forecast, the American Rental Association (ARA) expects equipment rental industry revenue to continue to grow consistently in the United States over the next five years, resulting in total revenue of $59.6 billion in 2021. According to the ARA Rental Market Monitor™ five-year forecast updated in February, total rental revenue in the U.S. is expected to grow by 4.5 percent in 2018 to reach $51.5 billion, 5.6 percent in 2019, 5 percent in 2020 and 4.4 percent in 2021. The February forecast is identical to the previous forecast released in November 2017 for 2018, with slight upticks in the expected revenue growth rates for 2019 through 2021.
Deere & Company reported a net loss of $535.1 million for the first quarter ended January 28, 2018, or $1.66 per share, compared with net income of $199.0 million, or $0.62 per share, for the quarter ended January 29, 2017. Affecting first-quarter 2018 results were charges to the provision for income taxes due to the enactment of U.S. tax reform legislation on December 22, 2017 (tax reform).
In annual tax filings, Caterpillar has revealed that the U.S. Internal Revenue Service (IRS) has increased proposed back taxes and fines in a case surrounding an alleged offshore tax plan to $2.3 billion. The company contends, however, that it operated within tax laws and will continue to fight the case.
DEUTZ Corporation is preparing for its upcoming exhibit at the American Rental Association (ARA)'s 2018 Rental Show. This year's event is scheduled for February 18-21 with educational sessions on Sunday and the actual trade show commencing on Monday. The show will be held at the Ernest N. Morial Convention Center in New Orleans.
B.C. construction workers should see pay raises of nearly 10 percent over the next two years, according to the results of the Independent Contractors and Businesses Association's (ICBA) 2018 Wage and Benefits Survey. But it's still getting tougher and tougher for companies to find skilled workers.
Terex Corporation reported a strong finish to the year, with Q4 net sales of nearly $1.1 billion, +9.1% versus 2016 thanks to improving market demand and successful implementation of the company's transformation strategy. For the full year, Terex reported net sales of $4.4 billion - down 1.8% from 2016 due to the sale of non-core businesses and softness in its mobile cranes business. The positive year-end momentum is poised to continue with the company reporting backlog up by 56% at year end.
Sunbelt Rentals has launched the new SunbeltRentals.com comprised of updated features and benefits designed for an easier, faster equipment rental experience. The optimization and enhancement of the site continues the company's focus on offering digital tools, such as Command Center, for customers.
GFLF Environmental Inc. has announced that it has entered into a definitive agreement to acquire the parent of Deep Foundations Contractors Inc. and its subsidiary corporations (the "Deep Group"). Completion of the transaction is subject to customary closing conditions, including certain regulatory approvals and other consents. GFL and the Deep Group will work together to obtain the required approvals and consents and expect to close the transaction in the second quarter of 2018.
As the first fully connected integral system solution, the third generation of the Sprinter cargo van from Mercedes Benz demonstrates the development of the division from purely a vehicle manufacturer into a provider of complete transport and mobility solutions. With new connectivity services, electric drive and individual hardware solutions for the cargo space, the large van will make customers' business in a connected world significantly more efficient.
Sellick Equipment, a manufacturer of rough-terrain forklifts, recently cut the ribbon on an all-new $21 million dollar manufacturing facility featuring state-of-the-art technology. The new 126,000-square-foot purpose-built factory located in Harrow, Ontario, was designed for new product innovation, improvement to quality control and flexibility in product design.
Trimble has acquired privately held e-Builder, an SaaS-based construction program management solution for capital program owners and program management firms. e-Builder extends Trimble's ability to accelerate industry transformation by providing an integrated project delivery solution for owners, program managers and contractors across the design, construct and operate life cycle.
Vanguard introduces the first in a complete line of all-new single-cylinder horizontal shaft commercial gasoline engines built from the ground up based on customer input. Vanguard developed the new engines around key areas of performance critical to improving overall productivity, including starting, maintenance intervals, service and support, and total cost of ownership. The new line will span from 5 to 13 gross horsepower to meet power requirements for a wide range of global commercial applications.
Jeff Sather has accepted the position of president and CEO of the Daimler Trucks North America (DTNA) subsidiary Freightliner Custom Chassis Corporation (FCCC). In this position, Sather will lead all operations of the market-leading manufacturer of motorhome, walk-in van, school bus and commercial bus chassis.