Strong Full Year Profit, But Weaker Q4 for Ritchie Bros.
Ritchie Bros Auctioneers last week reported its fourth-quarter profit fell to U.S. $9.8 million, a near 31-percent drop from the same period in 2005 when the bottom line was buoyed by real-estate deals. ...
Sunbelt Rentals Awards Chopper
Larry Green of Victoria, Texas, won the NationsRent Orange County Chopper Sweepstakes, which ended Dec. 31, 2006. Green was picked out of more than 60,000 entries. The chopper toured the United States for two years starting in January 2005, appearing at open house events, tradeshows and other promotional events....
Australian Access Company Reports Strong Fiscal First Half
Melbourne, Australia-based crane and aerial work platform specialist Boom Logistics reported a 25 percent profit increase for its fiscal first half year ended Dec. 31. The company reported a net profit of AU$19.6 million (about U.S. $15.5 million). Earnings before interest and tax was AU$33.8 million (about U.S. $26.7 million), up from the previous corresponding period’s AU $26.2 million....
Coates Grows Revenues Although Profits Decline
Australian rental giant Coates Hire reported a disappointing net profit of AU $46.5 million (about U.S. $36.8 million) for fiscal first half ended Dec. 31, a 6 percent year-over-year decrease. At the same time, Coates CEO Malcolm Jackman said the company expected an improvement over the next year, predicting its operating earnings would rise by 13 to 17 percent this year. ...
RSC Files IPO Registration Statement
RSC Holdings Inc. last week filed a registration statement on Form S-1 with the Securities & Exchange Commission to file an initial public offering of common stock. The number of shares to be offered and the price range has not yet been determined. The company plans to go public on the New York Stock Exchange....
Finning Reports Record Q4 and 2006
Finning International last week reported 2006 fourth-quarter revenue from continuing operations of CD $1.4 billion (U.S. $1.2 billion, according to current currency exchange rates), a 26.4-percent increase over 2005’s fourth quarter, and a company record for the quarter. Earnings from continuing operations before interest and income taxes were CD $85.7, a 39.6 percent year-over-year jump. Fourth-quarter net income from continuing operations was $52.7 million or 59 cents per share, a 40.5 percent year-over-year increase in diluted earnings per share compared with the fourth quarter of 2005....
United Rentals Completes Sale of Traffic Control Business
United Rentals last week announced that it completed the sale of its traffic control business to HTS Acquisition, an entity newly formed by affiliates of private equity investors Wynnchurch Capital Partners and Oak Hill Special Opportunities Fund, L.P. The agreement to sell the business was announced in December. ...
Atlas Copco Appoints Wasel President of New Specialty Rental Division
Atlas Copco last week announced that Horst Wasel, currently vice president compressor technique rental within the company’s portable air division, was appointed president of the recently created specialty rental division....
California Rental Veteran Bill Mobley Sr. Dies
Bill Mobley Sr., former owner of Ace Rentals in Los Alamitos, Calif., died last month while visiting friends in Tennessee....
Record Attendance Highlights World of Concrete
The World of Concrete’s show in Las Vegas was the largest in its history with 91,628 professional registrants, according to show organizer Hanley Wood LLC....
SafeWorks Companies Celebrate Anniversaries
Seattle-based Power Climber and Spider, both divisions of SafeWorks, LLC, are celebrating their 35th and 60th anniversaries in 2007, respectively....
Ramirent Posts 28 Percent 2007 Volume Increase
Helsinki, Finland-based Ramirent posted a net sales increase of 28 percent for 2006, rising to [Euro] $497.9 million, or U.S. $653.9 million. EBITDA grew 60.2 percent to € 171.6 million (U.S. $224 million) and operating profit leaped 90.7 percent to € 110.3 million (U.S. $144.9 million)....
Prime Minister Blair Visits New Tanfield/UpRight Facility
Tanfield Group Plc, which bought the machine division of UpRight last year, opened its new Vigo Centre headquarters with the backing and presence of England’s prime minister Tony Blair....
Atlas Copco opens Customer Centers in Pakistan, Tanzania
Stockholm, Sweden-based Atlas Copco has established fully owned customer centers in Lahore, Pakistan, and Tanzania. ...
Ingersoll Rand Acquires Remaining Interest of Instrum Rand
Hamilton, Bermuda-based Ingersoll-Rand Co. last week announced that it completed the acquisition of the remaining 40.2-percent interest in Pavlovo, Russia-based Instrum Rand JSC. Terms were not disclosed. ...
Atlas Copco Announces Acquisition of Dynapac
Stockholm, Sweden-based Atlas Copco AB entered into an agreement with Altor 2003 Fund to acquire Dynapac AB of Sweden, a supplier of compaction and paving equipment for the road construction market. The acquisition — Atlas Copco’s first in the compaction segment — will strengthen Atlas Copco’s position in an expanding global market and add a new range of products for construction customers worldwide. ...
United Rentals Acquires High Reach Equipment Services
United Rentals last week announced that it acquired High Reach Equipment Services llc. The company has one aerial equipment branch in Norcross, Ga., and annual revenues of approximately $11 million. ...
Volvo CE Acquires Wolverine Tractor & Equipment
Asheville, N.C.-based Volvo Construction Equipment last week acquired Wolverine Tractor & Equipment Co., its authorized dealer for the state of Michigan. ...
Disappointing Traffic, But Good Business Atmosphere at The Rental Show
Reviews were mixed on the American Rental Association’s The Rental Show in Atlanta last week. While attendance numbers were not available, most attendees and exhibitors spoken to by RER felt attendance had dropped off from the past couple of years, and were disappointed in the foot traffic after the brisk first day. However, in general, most exhibitors reported strong buying activity and an upbeat optimistic attitude. Attendance figures were not available at press time....
Godwin Pumps Launches Portland Branch
Godwin Pumps is opening a new branch in Portland, Ore., Godwin CEO John Paz told RER Reports last week. Paz said Godwin, which is already doing business in Portland from its Seattle facility, is currently conducting due diligence to acquire a property in the city....
Terex to Release 4Q06, Year-end Results This Week
Terex Corp., Westport, Conn. will host a conference call to review its fourth quarter and year-end 2006 financial results, as well as its 2007 outlook on Thursday, Feb. 15, at 8:30 a.m., eastern time. Ronald DeFeo, chairman and CEO, will host the call. ...
Kubota Reports 9.6% Nine-Month Net Sales Increase
Osaka, Japan-based Kubota Corp. last week reported that net sales during the nine months ended Dec. 31, increased US $584.9 million, or 9.6 percent, to $6.7 billion from the corresponding period in the prior year. Overseas sales in internal combustion engine and machinery grew substantially, while the Japanese domestic sales slightly decreased from the corresponding period in the prior year. ...
Cummins Declares Quarterly Common Stock Dividend
The board of directors of Cummins Inc. last week declared a quarterly common stock cash dividend of 36 cents per share, payable March 1, to shareholders of record on Feb.16. ...
Caterpillar Tops $40 Billion in Revenue for 2006
Caterpillar last week reported 2006 sales and revenue of $41.5 billion and profit of $3.5 billion, or $5.17 per share, a 28-percent increase from 2005. It marked the fourth consecutive year of double-digit profit growth and third straight year of record sales and profits....
Sunbelt Rentals Joins SmartEquip Network
Sunbelt Rentals announced Friday that it has entered into a commercial agreement with SmartEquip to utilize its SE B2B Exchange beginning in the second quarter of 2007. Sunbelt also announced the expanded use of SmartEquip’s e-FleetPro technology at 50 Sunbelt rental locations across the country, starting in the next 30 days. ...
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