United Rentals sets aside $14M toward SEC probe

United Rentals Inc. plans to take a $14 million charge against earnings in the second quarter to account for its liability connected with a Securities and Exchange Commission inquiry into its past accounting practices. The company indicated the SEC inquiry is ongoing and the outcome is still uncertain.

The Greenwich-based company leases an array of equipment for construction and maintenance, reporting a $38 million profit in the first quarter on $772 million in revenue, down 8 percent from a year earlier.

In separate news, United Rentals named Joseph Dixon vice president of sales. Dixon previously led sales at JLG Industries Inc., a McConnellsburg, Pa., maker of aerial lifts. He also has held sales-executive positions with Atlanta-based Home Depot Inc. and Hertz Equipment Rental Corp. of Park Ridge, N.J.