United Rentals, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Outlook for the Full Year of 2014
January 22, 2014 at 09:15 pm
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United Rentals, Inc. announced unaudited consolidated earning results for the fourth quarter and full year ended December 31, 2013. For the quarter, total revenues were $1,338 million, against $1,249 million for the same period last year. Operating income was $342 million, against $236 million for the same period last year. Income before provision for income taxes was $226 million, against $39 million for the same period last year. Net income was $140 million or $1.31 per diluted share, against $41 million or $0.40 per diluted share for the same period last year. Net cash provided by operating activities was $436 million, against $226 million for the same period last year. Purchases of rental equipment was $81 million, against $163 million for the same period last year. Purchases of non-rental equipment was $33 million, against $21 million for the same period last year. Earnings per share - adjusted was $1.59, against $1.27 for the same period last year. EBITDA was $628 million, against $508 million for the same period last year. Adjusted EBITDA was $651 million, against $553 million for the same period last year.
For the year, total revenues were $4,955 million, against $4,117 million for the same period last year. Operating income was $1,078 million, against $591 million for the same period last year. Income before provision for income taxes was $605 million, against $88 million for the same period last year. Net income was $387 million or $3.64 per diluted share, against $75 million or $0.79 per diluted share for the same period last year. Net cash provided by operating activities was $1,551 million, against $721 million for the same period last year. Purchases of rental equipment was $1,580 million, against $1,272 million for the same period last year. Purchases of non-rental equipment was $104 million, against $97 million for the same period last year. Earnings per share - adjusted was $4.91, against $3.76 for the same period last year. EBITDA was $2,181 million, against $1,501 million for the same period last year. Adjusted EBITDA was $2,293 million, against $1,772 million for the same period last year.
The company also provided the outlook for the full year 2014. Total revenue in a range of $5.25 billion to $5.45 billion; Adjusted EBITDA in a range of $2.45 billion to $2.55 billion; An increase in rental rates of approximately 4.0% year-over-year; net rental capital expenditures of approximately $1.15 billion, after gross purchases of approximately $1.65 billion; and free cash flow in the range of $400 million to $450 million. Gross CapEx guidance for the full year to the $1.7 billion 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, 2013; Provides Earnings Outlook for the Full Year of 2014