United Rentals, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Full Year 2013
January 23, 2013 at 04:15 pm EST
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United Rentals, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's total revenues were $1,249 million compared with $746 million a year ago. Operating income was $236 million compared with $115 million a year ago. Income from continuing operations before (benefit) provision for income taxes was $39 million compared with $56 million a year ago. Income from continuing operations was $41 million or $0.40 per diluted share compared with $28 million or $0.39 per diluted share a year ago. Net income was $41 million or $0.40 per diluted share compared with $29 million or $0.39 per diluted share a year ago. Net cash provided by operating activities was $226 million compared with $159 million a year ago. Purchases of rental equipment were $163 million compared with $143 million a year ago. Adjusted earnings per share from continuing operations were $1.27 compared with $0.82 a year ago. EBITDA was $508 million compared with $245 million a year ago. Adjusted EBITDA was $553 million compared with $281 million a year ago.
For the year, the company's total revenues were $4,117 million compared with $2,611 million a year ago. Operating income was $591 million compared with $396 million a year ago. Income from continuing operations before (benefit) provision for income taxes was $88 million compared with $164 million a year ago. Income from continuing operations was $75 million or $0.79 per diluted share compared with $101 million or $1.38 per diluted share a year ago. Net income was $75 million or $0.79 per diluted share compared with $101 million or $1.38 per diluted share a year ago. Net cash provided by operating activities was $721 million compared with $612 million a year ago. Purchases of rental equipment were $1,272 million compared with $774 million a year ago. Adjusted earnings per share from continuing operations were $3.76 compared with $1.87 a year ago. EBITDA was $1,501 million compared with $879 million a year ago. Adjusted EBITDA was $1,772 million compared with $929 million a year ago. The company reported free cash flow on an as-reported basis and that number came in for the full year at $223 million of cash usage.
For full year 2013, the company expects total revenue in a range of $4.9 billion to $5.1 billion, adjusted EBITDA in a range of $2.25 billion to $2.35 billion, net rental capital expenditures of approximately $1.05 billion, after gross purchases of approximately $1.5 billion, and free cash flow in the range of $400 million to $500 million. The company expects tax rate to be upper half of the 30s. So 35%, 36%, 37%, in that area.
United Rentals, Inc. is specialized in equipment rental services intended especially for the construction and manufacturing industries, public services, governmental agencies and private individuals. Net sales break down by activity as follows:
- equipment rentals (86.9%);
- sale of rental equipment (8.3%);
- sale of new equipment (1.3%);
- sale of equipment to businesses (1.1%);
- other (2.4%): in particular, repair services and spare part sales.
Net sales per market are split between general industry (73.7%), electrical energy and security (26.3%).
The United States account for 90.1% of net sales.
United Rentals, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Full Year 2013