GREENWICH, Conn. — United Rentals second quarter total revenues dropped 3 percent from $768.0 last year to $744.8 million this year, while rental revenues dropped 5.3 percent from $582.4 million to $551.6 million. Second quarter net income increased year over year from $49.4 million to $51.1 million, or $0.52 per diluted share, compared with net income of $49.4 million, or $0.52 per diluted share for the same period last year. Net income in Q2 01 would have been $61.9 million, or $0.64 per diluted share, if goodwill were accounted for under FAS 142 legislation. Net income for Q2 01 was $13.6 million, or 14 cents per diluted share, after charges for restructuring and debt refinancing.

“Revenues from the Rocky Mountain and Northeast regions, aerial equipment rentals and our national account program improved significantly during the quarter, but these results were more than offset in other areas by the continued decline in non-residential construction spending, especially for industrial facilities, offices and hotels,” said CEO Brad Jacobs. “The year-over-year decline in these categories in May ranged from 14 percent to 42 percent according to the department of commerce.” United Rentals is No. 1 on the RER 100.