CHARLOTTE, N.C. — Sunbelt Rentals recently reported strong results in the six-month period ended Oct. 31, with revenues increasing by 46.8 percent to $597 million. The announcement by Sunbelt Rentals parent company, Ashtead Group plc, further highlighted Sunbelt's operating profit increase of 40.8 percent to $135.2 million, up from $96 million in 2005. Sunbelt's growth was achieved through increased investment in the rental fleet, which was on average 18 percent larger than a year ago, excluding the acquired NationsRent assets, and by rental rates, which were approximately 3 percent higher than in the first half of fiscal year 2005.
“New investment in our rental fleet and a continuation of multi-year rental rate improvement provided a significant contribution to Sunbelt's first half growth,” said Cliff Miller, Sunbelt Rentals president and CEO. “Sunbelt's performance is a direct result of the hard work, dedication and commitment of our team members to serve our customers.”
The first half of the fiscal year has been busy for Sunbelt with the closing of the NationsRent acquisition and the merger of the two organizations. Strong financial results were achieved despite the organizational effort to combine the two businesses. The operational and branch network merger is complete and a business systems integration to allow company-wide customer and fleet visibility was also accomplished within 90 days of the closing. “This has been a unifying project that shows the true strength of the organization. From here we will continue our focus on providing industry-leading customer service as one organization,” said Miller.
Sunbelt Rentals, a wholly owned subsidiary of Ashtead Group plc, is the second-largest equipment rental company in the United States. Sunbelt provides equipment rental solutions for the industrial, construction, municipal and DIY markets, from its network of more than 470 branches, including 100 Lowe's locations, in 35 states and the District of Columbia. Its extensive equipment fleet includes a wide range of general construction and industrial equipment, and is further broadened by specialty businesses serving the pump, power, trench shoring and scaffold markets.
Ashtead is the parent company of Charlotte, N.C.-based Sunbelt Rentals, No. 4 on the RER 100.