Headline News
Former Waco President Starting Scaffold Rental Company near Cleveland
Marty Coughlin and Rached Karanouh are principal owners of Dependable Scaffolding LLC, a start-up scaffolding and access equipment company opening later this month near Cleveland. Coughlin, former president of Waco Scaffolding & Equipment, and Karanouh, a Waco colleague for more than 20 years, decided to start the company after Safway Services purchased Waco in November of last year, Coughlin told RER....
Wacker Neuson Ends Compact Excavator Contract with Gehl Corp.
Wacker Neuson ended its long-standing agreement with West Bend, Wis.-based Gehl Corp., effective Dec. 31, 2011. Wacker Neuson had been the exclusive manufacturer of Gehl- and Mustang-branded compact excavators and all-wheel-steer loaders since 1999....
Cummins Posts Record Fourth-Quarter and Full-Year 2011 Results
Cummins Inc. posted record sales for full-year 2011 as well as strong fourth-quarter results. Fourth-quarter sales of $4.9 billion increased 19 percent from the same quarter in 2010, setting a new quarterly record for the company. The increase was driven by higher demand in truck, construction, power generation and oil and gas markets in North America. The company also posted strong growth in global mining markets, offsetting weaker demand in the construction market in China and power generation in India....
AWPT Offers Training Course for Managers
Aerial Work Platform Training, the North American subsidiary of the International Powered Access Federation has launched a new aerial work platform training course aimed at enabling supervisors and managers to prepare for and safely coordinate various types of AWPs on site....
Ritchie Bros. to Sell Largest Number of Equipment Items in One Auction
Ritchie Bros. Auctioneers will sell more items than ever before at its unreserved public equipment auction in Orlando, Fla., from Feb. 13-18. During the six-day event, more than 9,100 heavy equipment items and trucks will be sold — a company record for the most items ever sold in a single auction — and new items are still being added daily. Bids in the auction can be made on-site at the 200-plus-acre Orlando auction site, online in real-time at www.rbauction.com or by placing proxy bids in person or by phone....
Construction Employment Increases in January; Nonres Jumps 3.3 Percent in December
Construction employment increased by 21,000 in January to a two-year high of 5,572,000, following an increase of 31,000 in December. Employment in both months may have benefited from widespread mild and dry weather, according to an analysis by the Association of General Contractors chief economist Ken Simonson....
Family-Owned Ace Equipment Rentals Adds Marysville, Wash., Branch
Ace Equipment Rentals, a family-owned tool and equipment rental company, in Snohomish, Wash., has opened a branch in Marysville, Wash. Ace offers everything from tools to earthmoving and aerial equipment....
Rental Industry Shows Sustained Growth in 4Q Baird/RER Survey
Baird, in partnership with RER, recently published the results of its fourth-quarter 2011 rental equipment industry survey, which showed continued rental revenue growth of 11.5 percent, a slight acceleration sequentially from gains of 10.1 percent year over year in the third quarter of 2011....
Caterpillar Forms Alliance with Exodus Machines to Supply Material Handlers
Caterpillar recently formed an alliance agreement with Exodus Machines for the design and supply of material handlers to be sold and supported exclusively by Cat dealers. The Exodus machines will be available immediately in North America and will complement Caterpillar’s current line of wheel and track material handlers greater than 25 metric tons. The products will carry the Exodus brand name but will transition to the Cat brand in 2013....
GE Capital Survey Shows Dealer Optimism for 2012
Construction equipment dealers are predicting improving business conditions in 2012, with about 40 percent of respondents expecting sales to increase 3 to 5 percent this year, according to a survey conducted by GE Capital Dealer Finance. About 25 percent of respondents expect sales to jump 6 to 8 percent, while 77 percent said the best time to increase inventory is within the first half of 2012....
CNH Posts 25 Percent Net Sales Increase in 2011
CNH Global posted a net sales increase of 25 percent for the year 2011 to $18.1 billion, compared with 14.5 billion in 2010. For the fourth quarter, sales jumped 27 percent from $3.76 billion in Q410 to $4.77 billion in the recently concluded quarter....
Hertz Expects 14-Percent Increase in its U.S. Equipment Rental Operations in 2012
Hertz Global Holdings predicted 9 to 10 percent worldwide revenue growth for its equipment rental basis during a presentation at the Deutsche Bank Global Auto Industry Conference. The company clarified that the 9- to 10-percent growth will be driven by an estimated 14-percent increase in its U.S. operations....
Manitou, Yanmar Enter Marketing, Manufacturing Compact Equipment Alliance
Manitou Group, a world leader in material handling and compact equipment, and Yanmar Co., a global manufacturer of diesel engines and a broad range of compact equipment, have formed a strategic alliance to launch a line of compact excavators manufactured by Yanmar under the Gehl and Mustang brands for the North American sales region. The two companies have had a successful long-standing partnership including the use of Yanmar engines in Gehl- and Mustang-branded compacted equipment manufactured by Manitou in the United States....
JLG External Sales Jump 73.8 Percent in Fiscal First Quarter
JLG’s access equipment sales to external customers jumped 73.8 percent to $505.1 million for the first quarter of fiscal 2012 compared to the prior year’s fiscal first quarter. The company posted double-digit sales increases in all regions of the world and across all product lines. JLG’s results were driven by replacement of aged equipment in North America and parts of Europe as well as economic growth and increased product adoption in emerging markets....
Ahern Rentals Approved for Final DIP Financing
The United States Bankruptcy Court this week approved the final debtor-in-possession financing for equipment rental giant Ahern Rentals for about $66 million of availability. The court also approved a series of other motions to ensure that Ahern will not have any interruption in maintaining and honoring its commitments to its current customers, vendors and employees during the reorganization process....
Canadian Concrete Contractor Wins Wacker Neuson’s Trowel Challenge Competition at World of Concrete
More than 150 trowel operators participated in this year’s Wacker Neuson trowel challenge competition at the World of Concrete. The winning operator was Darin Wiebe of Extreme Concrete, Linden, Alberta, Canada. His combined winning time was 67.429 seconds....
Case Names Triple Threat Rodeo Champion at WOC
Case Construction Equipment last week crowned Octavio Miranda, of Ancaster, Ontario, Canada, the champion of its Triple Threat Rodeo series, following a day-long competition among 59 pre-qualified equipment operators from the United States and Canada at the 2012 World of Concrete show in Las Vegas. The event, which was also a fundraiser for Habitat for Humanity, included prizes with a total value of nearly $140,000....
Caterpillar Grows 2011 Revenues 41 Percent, Improves Profit 83 Percent From 2010
Caterpillar Inc. last week reported record-breaking 2011 sales and revenues of $60.14 billion, an increase of 41 percent from $42.59 billion in 2010. Profit in 2011 was $4.93 billion, an 83-percent increase from $2.70 billion in 2010. Profit per share of $7.40 was up 78 percent from $4.15 in 2010. Excluding the impact of the acquisition of Bucyrus International, 2011 profit was $7.79 per share, up 88 percent from a year ago....
Hertz Seeking More Acquisitions, Frissora Says
Hertz Global Holdings might buy as many as eight equipment rental companies this year to help minimize the company’s reliance on its car-rental business, CEO Mark Frissora said this week. Bloomberg News is reporting that Hertz is looking at equipment rental companies in the oil and gas exploration markets, pump and power generation and entertainment industries....
United-RSC Acquisition Passes U.S. Antitrust Waiting Period
United Rentals said this week that the U.S. antitrust waiting period related to its acquisition of RSC Holdings has expired without objections. The expiration of the waiting period satisfies one of the requirements for the deal to close....
Solar Light Tower Rental Specialist Launched in Pennsylvania
Newly formed Sunbeam Rentals has been established to provide full-service rentals to industries interested in the Progress Solar series of light towers for portable outdoor lighting applications. The Progress Solar light tower resembles a traditional portable diesel light tower but is powered by solar energy instead of diesel fuel....
Icahn’s Proposal to Sell JLG Not Supported at Oshkosh
Oshkosh Corp. said the company believes that at least 12 of the 13 Oshkosh director nominees have been elected to the company’s board of directors. However, the Wall Street Journal reports, investor Carl Icahn opposed the retention of the company’s management team, stating that its acquisition of aerial work platform manufacturer has hurt the company’s stock price....
Altec Chippers Enter Consumer Rental Market via Home Depot
Altec Industries last week announced a strategic partnership with Compact Power Equipment Centers to offer Altec chippers in Home Depot Tool Rental stores across the United States and Canada. Since 2008, CPEC has provided customers with towable rental equipment for a variety of projects, which now includes Altec’s DC610 chipper....
United Rentals Tops Wall Street Expectations with Strong Fourth-Quarter and Full-Year Increases
United Rentals topped Wall Street expectations with $746 million in fourth-quarter revenue, a 24.5-percent year-over-year increase compared with $597 million for the fourth quarter of 2010. Rental revenue jumped 18.5 percent to $589 million for the quarter, compared with $497 million a year ago....
RSC Posts Greater Than 20-Percent Hikes in Q4, Full-Year Revenues
RSC Holdings posted $421 million in fourth-quarter total revenue, compared with $339 million for the same period in 2010, a 24.2-percent hike, with rental revenue leaping 26.8 percent from $287 million in the fourth quarter of 2010 to $364 in the recently concluded quarter. The company’s fourth-quarter net income was $5 million, or 4 cents per diluted share, compared with a net loss of $7 million or 7 cents per diluted share for the fourth quarter of 2010....
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