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Headline News
United
Rentals Emphasizes Core Rental Business in Q1 Results
May 5, 2008
United Rentals boosted rental volume to $571 million in the first
quarter of 2008, compared with $567 million for the same period last
year. However, total volume declined from $838 million in Q106 to $772
million in this year’s first quarter. The increase in rental revenue
and decrease in total revenue are consistent with the company’s
previously announced plan to refocus on its core business of equipment
rental, de-emphasizing the supply business and the divested traffic
safety business.
Wacker
Corp. Officially Changes Name to Wacker Neuson Corp.
May 5, 2008
Wacker Corp. last week announced it is renamed Wacker Neuson Corp.,
effective immediately. The name change was entered in the Wisconsin
Department of Financial Institutions on April 9. Wacker Neuson Corp.,
Menomonee Falls, Wis., is an affiliate company of Wacker Construction
Equipment, AG, Munich, Germany. This move aligns with plans to change
the name and legal form of the parent company in June 2008, when it will
become Wacker Neuson SE.
Topp
Portable Air Opens Florida Distribution Center
May 5, 2008
Topp Portable Air, a leading manufacturer and distributor of
portable air conditioners, spot coolers, portable dehumidifiers and
temporary heating equipment, recently strengthened its position in the
Florida market by opening a fully stocked and staffed distribution
center in Jacksonville, Fla. Topp specializes in both the sale and
rental of temperature-control equipment for the construction, commercial
and special event industries.
Sunbelt
Rentals Announces Champaign, Ill., Grand Opening
May 5, 2008
Sunbelt Rentals last week announced it will celebrate the grand
opening of its newest full-service rental branch in Champaign, Ill., on
Thursday, May 8, from 11 a.m. to 4 p.m.
Volvo
Rents Opens New Rental Center in Rockford, Ill.
May 5, 2008
Jack Moser, president and CEO of McAllister Equipment Co., last
week announced the opening of a new Volvo Rents franchise in Rockford,
Ill. McAllister Equipment, in operation since 1955, has long been a
Volvo construction equipment dealer.
Rushing
& Mason Sells $2.74 Million of Equipment Through IronPlanet
May 5, 2008
IronPlanet, an international online auction company for used
construction and agricultural equipment, recently liquidated $2.74
million of equipment for Rushing & Mason of Memphis, Tenn., and Little
Rock, Ark., achieving 121 percent of its initial price target.
International News
Speedy
Survey Opens Bury St. Edmonds Branch
May 5, 2008
Speedy Survey, a division of Speedy Hire, the United Kingdom’s
largest tool and equipment rental company, opened a £250,000 branch in
Bury St. Edmonds. The 4,800-square-foot rental center will provide
survey, safety and communications equipment to builders, contractors and
customers in the industrial and manufacturing sectors.
Wall Street Beat
Oshkosh
Corp. Reports Record Second Quarter on Strong Access Equipment
Demand
May 5, 2008
Oshkosh Corp., a leading manufacturer of specialty vehicles and
vehicle bodies, and parent company of McConnellsburg, Pa.-based JLG
Industries’, last week reported that, for its second quarter of fiscal
2008, earnings per share were $0.97, on sales of $1.8 billion and net
income of $72.6 million. These results compare with EPS of $0.68 on
sales of $1.7 billion and net income of $50.9 million for the comparable
prior-year quarter. Oshkosh’s EPS exceeded the company’s most recent
earnings estimate range for the second quarter of $0.85 to $0.90.
Volvo
Group Posts 26-Percent Sales Increase in Q108
May 5, 2008
For the three months ended March 31, Stockholm, Sweden-based Volvo
Group posted a 26-percent sales increase to SEK 76.7 billion (about U.S.
$12.7 billion) from SEK 61.0 billion (U.S. $10.1 billion) a year ago. In
the first quarter, operating income rose 22 percent to SEK 6.5 billion
(U.S. $1.1 billion) from SEK 5.3 billion (U.S. $879.9 million) in the
year-ago period.
H&E
Equipment Services Announces 1Q08 Conference Call
May 5, 2008
H&E Equipment Services last week announced that it will release its
2008 first-quarter financial results before the market on Thursday, May
8. The company will also hold a conference call to discuss first-quarter
results at 10 a.m. Eastern time. To listen to the call, participants
should dial 913-312-0945 approximately 10 minutes prior to the start of
the call. A telephonic replay will become available after 1 p.m. Eastern
time May 8, and will continue through May 17, by dialing 719-457-0820
and entering the confirmation code 7412840.
Deutz
Reports 18.4-Percent 1Q08 Revenue Increase
May 5, 2008
Deutz Ag last week reported its first-quarter 2008 revenue grew by
18.4 percent to €397.0 million (about U.S. $618.1 million) compared
with €335.4 million (U.S. $522.2 million) a year ago. This revenue
growth was driven by the success of the new TCD 2013 4V engine, unit
sales of which were up 30 percent in the period under review.
Ritchie
Bros. 1Q08 Earnings Drop Slightly
May 2, 2008
Ritchie Bros. Auctioneers last week announced that it achieved net
earnings of $16.4 million, or $0.16 per diluted weighted average share,
for the first quarter of 2008, compared to net earnings of $17.6
million, or $0.17 per diluted weighted average share, for the first
quarter of 2007. All dollar amounts are presented in U.S. dollars and,
except as noted otherwise, all share and per share amounts reflect the
three-for-one split of the company's common shares that occurred at the
close of business on April 24.
IronPlanet
1Q08 Gross Auction Sales Up 135 Percent Over 1Q07
May 5, 2008
Pleasanton, Calif.-based IronPlanet, a leading online auction
company for used construction and agricultural equipment, completed a
record-breaking first quarter, with gross auction sales of $77.6 million
— an increase of 135 percent over the first quarter of 2007.
Cummins
Sales and Earnings Surge on Strong Global Demand
May 5, 2008
Cummins Inc. last week reported significantly higher revenues, net
income and Earnings Before Interest and Taxes for the first quarter of
2008. All four business segments reported double-digit percentage sales
increases during the quarter, with earnings growing at an even faster
pace than sales.
The
Manitowoc Company Reports 25-percent Q1 Sales Increase
May 5, 2008
Manitowoc, Wis.-based The Manitowoc Co. last week reported its
financial results for the quarter ended March 31. For the quarter, the
company once again set records for net sales and earnings per share as
each of the company’s three business segments showed solid
improvements in net sales and operating earnings from the first quarter
of 2007. For the latest quarter, net sales totaled $1.08 billion, an
increase of 25 percent from the first quarter of 2007. Reported earnings
per diluted share were $0.78 for the first quarter of 2008 compared to
$0.50 for the first quarter of 2007.
LoJack
Corp. Reports First Quarter 2008 Results
May 5, 2008
LoJack Corp. last week reported that revenue for the first quarter
ended March 31, declined 15 percent to $46.1 million, from $54.1 million
in the same period a year ago.
The
Stock Block
May 5, 2008
Check in on some of the latest stock prices for publicly traded
rental companies and popular construction equipment and general tool
manufacturers related to the rental equipment industry.
Supply Side
Skyjack
Finalizes Acquisition of Volvo's Material Handling Equipment
Business
May 5, 2008
Skyjack Inc., a Linamar company last week announced it has
finalized its purchase agreement and acquired Volvo’s material
handling equipment business based in Shippensburg, Pa.
JLG
Names Vice President and General Manager for Caterpillar Alliance Group
May 5, 2008
McConnellsburg, Pa.-based JLG Industries, an Oshkosh Corp. company
and a leading manufacturer of aerial work platforms and telescopic
material handlers, last week announced the promotion of Rick Alton to
vice president and general manager for JLG’s Caterpillar Alliance
Group.
Husqvarna
Finalizes Meco Acquisition
May 5, 2008
Husqvarna last week finalized its acquisition of Meco, Masterpiece
Engineering Co., based in Prescott, Ariz. Meco is a leading producer of
floor saws for cutting concrete and asphalt, primarily for highway
construction and repair. The company has annual sales of approximately
$9 million with the majority of sales in the U.S.
Atlas
Copco Names Mats Rahmström Head Industrial Technique
May 5, 2008
Stockholm, Sweden-based Atlas Copco last week announced that Mats
Rahmström has been appointed business area president for the Industrial
Technique business area and senior executive vice president of Atlas
Copco AB, as of June 1. He will succeed Fredrik Möller, who takes up a
position outside the group.
Deere
& Company Recognizes May as National Safe Digging Month
May 5, 2008
With warm weather and landscaping projects upon us, Moline,
Ill.-based Deere & Company last week announced its recognition of May as
National Safe Digging Month. Warm-weather projects often lead to
digging jobs that damage utility lines, disrupt neighborhood service and
lead to fines and repair costs. But homeowners and contractors have a
resource to avoid the accidents — 811, the national
call-before-you-dig number.
Stone
Construction Names Strickler District Manager
May 5, 2008
Honeoye, N.Y.-based Stone Construction Equipment recently appointed
Larry Strickler of Nevada City, Calif., district manager. He is
responsible for serving the needs of equipment dealers and rental houses
in Arizona, California, Nevada and Hawaii.
Makita,
Dragonfire Racing and Polaris Join Forces to Sponsor Corr Series
Championship Racing
May 5, 2008
La Mirada, Calif.-based Makita U.S.A., manufacturer of industrial
power tools and accessories, has extended its presence in the world of
live race events with its sponsorship of DragonFire Racing. DragonFire
is part of the Polaris 2008 Ranger Side-by-Side Race Team, which
competes on Polaris Ranger side-by-side vehicles.
Bricks & Clicks
Sunbelt
Rentals Launches New Website
May 5, 2008
Sunbelt Rentals last week launched a state-of-the-art website, www.sunbeltrentals.com,
designed to set a new standard in the rental industry.
John
Deere Posts Second Head-to-Head Battle on Skid-Steer Smackdown
Website
May 5, 2008
John Deere Construction & Forestry last week announced the addition
of a new video available on its www.skidsteersmackdown.com
website, part of the company’s integrated campaign for skid-steer
users that involves head-to-head contests between Deere and competitor
machines.
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