United Rentals recently had record results for its third quarter 2006 diluted earnings per share at $0.85. This year’s diluted earnings per share absorb charges of $0.03 per diluted share related to two previously announced debt repayments, and represent a 20 percent increase compared to last year’s third quarter diluted earnings of $0.71.
Total revenues also increased to $1.07 million for the third quarter, up 9.3 percent from last year. Net income of $95 million increased as well by 25 percent, in comparison with the third quarter results from 2005 of $76 million.
The 2006 outlook range was adjusted from $2.12 diluted earnings per share to $2.22, after absorbing the charges of $0.03 per diluted share for the debt repayments. In 2005, these earnings were $1.80 per share. United Rentals expects to generate $3.95 billion for this year’s total revenues, and raised its cash flow outlook to $175 million after total capital expenditures of approximately $955 million.
Rental rates also increased 5.1 percent during the third quarter. The size of the rental fleet, as measured by the original equipment cost, was $4.1 billion and the age of the fleet was 38 months in September, compared to last year’s end results of $3.9 billion and 40 months, and $4.0 billion and 39 months September 2005.
In addition, contractor supplies sales increased 23 percent to $109 million.