The country’s largest construction equipment rental company saw its first-quarter earnings top projections on revenues that grew 67 percent compared to a year ago.
United Rentals Inc., headquartered in Greenwich, reported net earnings of $21 million, up from $13 million for the first quarter of 2012, and adjusted earnings of 58 cents per share for the first quarter of 2013. Analysts’ consensus estimate had called for earnings of 48 cents per share.
CEO Michael Kneeland credited the construction recovery with the firm’s strong earnings and increased revenues, and said United Rentals would expand its sales team to address increased demand. Total revenues were $1.1 billion, up 67 percent compared with the first quarter of 2012.
“As our end markets recover, we have an opportunity to gain ground where it will be most profitable: with key accounts of all types and specialty rentals,” Kneeland said in an April 16 statement. “We plan to expand our sales force by at least 10 percent this year to capitalize on over a billion dollars of net fleet purchases.”
