UNITED RENTALS, INC. Annual Report, Year Ended Dec 31, 2015

United Rentals, Inc. (URI) reported a modest increase in total revenues to $5.82 billion for the fiscal year ended December 31, 2015, up from $5.69 billion in 2014. This growth was primarily driven by a 2.7% increase in equipment rentals, fueled by a 3.2% rise in equipment volume on rent, although rental rates saw a slight increase of only 0.5%. The company's strategy continues to focus on improving profitability through enhanced customer service, operational efficiencies via Lean management techniques, and optimizing its customer and fleet mix. Despite facing some pricing and volume pressures, particularly in its general rental business and the Pump Solutions region due to its exposure to upstream oil and gas customers, United Rentals maintained a strong market position as the largest equipment rental company globally. The company also made significant strides in strengthening its capital structure through debt redemptions and extensions of credit facilities, improving financial flexibility and liquidity, ending the year with $1.10 billion in available liquidity. The company's net income grew to $585 million in 2015, a 8.3% increase from $540 million in 2014, resulting in diluted earnings per share of $6.07, up from $5.15. United Rentals' balance sheet remained substantial, with total assets of $12.08 billion and total debt of $8.16 billion. The company demonstrated a commitment to shareholder returns by continuing its share repurchase program, authorized for up to $1 billion. Looking ahead to 2016, United Rentals anticipates continued industry growth and plans to further expand its specialty rental offerings.