United Rentals, Inc. has announced financial results for the second quarter of 20191.
Eliminate Downtime recently arrived in Chicago and over 40 construction industry leaders attended the event to discuss solutions to the challenge of low productivity, missed deadlines and cost overruns. Organizations including Komatsu, Admar, United Rentals, Sunbelt, CAT, Bechtel, Messer Construction, Uptake and Trackunit contributed to the day with presentations, workshops and a panel quickfire.
As construction and roadbuilding companies know, renting equipment is a small but pivotal part of any project. If a vital piece of equipment is not available, that can result in idle workers, and a project falling behind schedule and going beyond budget.
Trench and excavation work represent some of the most dangerous jobs in the construction industry. Maintaining up-to-date training on safety regulations and equipment solutions is essential to not only keeping employees safe but also leads to improved project productivity. United Rentals, is providing dedicated resources to the construction industry that offer quality trench safety instruction, together with assistance outside the classroom including jobsite consultation, engineered designs and safety equipment.
A new chapter in the life of an established company is beginning for Thompson Pump & Mfg. Co. following the sale of their rental assets and related operations to the Fluid Solutions Group of industry leader United Rentals. Having divested itself from the direct rental business, Thompson Pump plans to invest in and grow its pump manufacturing operations - the core business that has made Thompson Pump an iconic brand in the industry.
Serious Labs Inc. has extended its partnership with equipment rental leader United Rentals, Inc. Virtual reality (VR) simulation developed by Serious Labs is being deployed by United Rentals as part of its blended learning model for mobile elevated work platform (MEWP) operator certification courses. This model – new to the equipment rental industry – debuted on November 28 when United Rentals opened its first United Academy training centre with VR simulation in Alberta.
Skyjack is working with their partners to help veterans step back into long-term permanent positions. The Service to Employment Program (STEP) is catered to helping U.S. veterans transition from active duty into rewarding careers as service technicians.
WesternOne Inc. has entered into a definitive agreement with United Rentals of Canada, Inc. pursuant to which United Rentals has agreed to acquire WesternOne's equipment rentals and heat business and substantially all of the related assets for a base cash purchase price of Cdn$120 million on a cash free, debt free basis. The actual purchase price and transaction value are subject to working capital and other adjustments in accordance with the Agreement.
United Rentals, Inc. announced financial results for the second quarter 2018. Total revenue was $1.891 billion and rental revenue was $1.631 billion for the second quarter, compared with $1.597 billion and $1.367 billion, respectively, for the same period last year. On a GAAP basis, the company reported second quarter net income of $270 million, or $3.20 per diluted share, compared with $141 million, or $1.65 per diluted share, for the same period last year. The second quarter 2018 includes a net income benefit associated with the Tax Cuts and Jobs Act that was enacted in December 2017. The Tax Act reduced the U.S. federal corporate statutory tax rate from 35% to 21%, which contributed an estimated $0.58 to earnings per diluted share for the second quarter 20182.
United Rentals, Inc. and BakerCorp International Holdings, Inc. have entered into a definitive agreement under which United Rentals will acquire BakerCorp for approximately $715 million in cash. The boards of directors of United Rentals and BakerCorp have unanimously approved the agreement. The transaction is expected to close in the third quarter of 2018.