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United Rentals (URI): Q2 EPS of $0.66 beats by $0.08. Revenue of $993M (+57.9% Y/Y) misses by...

United Rentals (URI): Q2 EPS of $0.66 beats by $0.08. Revenue of $993M (+57.9% Y/Y) misses by $150M. (PR)
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  • shakazoid
    , contributor
    Comments (182) | Send Message
     
    Did not beat . It was a loss :"United Rentals Inc. URI +0.88% reported late Tuesday a fiscal second-quarter loss of $52 million, or 63 cents a share, down from a profit of $27 million, or 37 cents a share, a year ago. Revenue for the quarter rose 58% to $993 million. Analysts polled by FactSet had predicted the equipment rental company would earn 53 cents a share"
    17 Jul 2012, 06:36 PM Reply Like
  • shakazoid
    , contributor
    Comments (182) | Send Message
     
    Loss was due to the restructuring and write down costs due to the RSC purchase other than that it actually beat EPS by 9 cents and missed rev by a couple of Millions. Solid Q.

     

    "United Rentals Inc.'s (URI) swung to a loss in the second quarter on charges related to its recent acquisition of RSC Holdings Inc.
    Shares were down 2.7% at $33.50 in recent after-hours trading. Through Tuesday's close, the stock is up nearly 50% this year.
    Analysts have been expecting the world's largest equipment-rental company to continue benefit from an increasing trend towards renting instead of owning construction equipment, as well as expectations that U.S. construction activity will finally pick up.
    In April, United Rentals completed its acquisition of RSC Holdings, a move expected to expand its presence in North America and accelerate its growth with industrial customers.
    On Tuesday, United Rentals said it has realized $17 million in costs savings since the deal closed and raised its savings target for the year by $10 million, to a total of $80 million.
    United Rentals reported a loss of $52 million, or 63 cents a share, compared with a year-earlier profit of $27 million, or 37 cents a share. Excluding restructuring charges and asset write-downs, adjusted earnings from continuing operations were up at 66 cents from 40 cents.
    Revenue jumped 58% to $993 million. Rental revenue grew 61% to $845 million.
    Analysts polled by Thomson Reuters most recently projected earnings of 56 cents on revenue of $1.08 billion.
    Gross margin rose to 37.7% from 33.6%.
    Rental-equipment volume climbed 61% and rental rates improved by 7.4%. The time-utilization rate declined 0.2 percentage point to 67.1% and the company's fleet size was 64.2% larger, on average."
    18 Jul 2012, 03:54 AM Reply Like
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