Latest news with #SunbeltRentals
CBS News
6 days ago
- General
- CBS News
Northridge electric forklift fire prompts nearby evacuations
Los Angeles Fire Department crews are working to control the fire of a smaller battery-powered forklift inside a commercial equipment yard in Northridge. The fire broke out around 7:30 a.m. at the Sunbelt Rentals property on W. Napa Street. LAFD HAZMAT crews are performing air monitoring and evacuating the surrounding area as a precaution. Aerial footage showed plumes of smoke around 9 a.m., as crews safely let the forklift burn itself out, according to LAFD. No injuries have been reported.
Yahoo
08-07-2025
- Business
- Yahoo
Shift Toward Clean and Hybrid Solutions, Fluctuating Fuel Prices, Rise in Infrastructure Development
The U.S. Power Rental Market, valued at USD 5.30 billion in 2024, is forecasted to reach USD 8.27 billion by 2030, growing at a 7.70% CAGR. Tariffs impact equipment costs, urging a shift to hybrid solutions and longer rental contracts. Infrastructure growth fuels demand, as key players like United Rentals and Sunbelt Rentals dominate. Advancements like Aggreko's low-emission generators boost environmental efforts. The South and West lead geographically due to robust construction and renewable projects. Diesel remains the top fuel choice, driven by reliability needs and economic scalability. U.S. Power Rental Market Dublin, July 08, 2025 (GLOBE NEWSWIRE) -- The "U.S. Power Rental Market - Strategic Assessment & Forecast 2025-2030" report has been added to U.S. Power Rental Market was valued at USD 5.30 billion in 2024, and is projected to reach USD 8.27 billion by 2030, rising at a CAGR of 7.70%. The U.S. power rental market is dominated by major players such as United Rentals, Sunbelt Rentals, Herc Rentals, and Home Depot. These companies hold significant U.S. power rental market share due to extensive fleets, nationwide presence, and strong brand recognition. Beyond the major players, the market includes many regional and local rental companies. These smaller firms often compete on price, customer service, or specialization in niche sectors (e.g., events, construction, or emergency services). Growing environmental regulations and customer demand for sustainability are driving competition toward hybrid generators, battery storage, and lower-emission equipment. Companies offering green or Tier 4 Final-compliant equipment are gaining favor in the U.S. power rental market. The U.S. power rental market has experienced significant merger and acquisition (M&A) activity in recent years, with companies actively expanding their power rental capabilities. In 2025, Herc Holdings completed the acquisition of H&E Equipment Services, further expanding its equipment rental portfolio and market reach. This strategic move strengthens Herc's position in the construction and industrial Southern U.S. holds the largest share of the U.S. power rental market. States like Texas, Florida, and Georgia have significant construction, oil & gas, and manufacturing activities that drive demand for power rentals. Large infrastructure developments, including power plants, commercial buildings, and data centers, increase rental needs. Furthermore, the West holds a significant share, reflecting strong activity, especially in states like California, Washington, and Colorado. Renewable energy projects (solar, wind) and mining operations contribute to the demand for mobile power solutions. Wildfires and droughts create demand for emergency power Midwest remains a manufacturing powerhouse requiring temporary power for maintenance, shutdowns, and expansions. Large-scale construction projects (e.g., energy infrastructure projects, highways, bridges) often require temporary power solutions. Furthermore, the Northeast's industrial sector needs backup and supplemental power to avoid production downtime. Large-scale events, festivals, concerts, and sports events require mobile power solutions, especially in urban POWER RENTAL MARKET TRENDS & DRIVERS Shift Toward Clean and Hybrid SolutionsInnovations in energy storage are revolutionizing portable power, making it more efficient and more sustainable. Leading the transformation are battery energy storage systems (BESS). A BESS paired with a mobile power generator forms a hybrid power solution that produces lower emissions or zero emissions and consumes significantly less fuel. For instance, Aggreko provides 100 kW Tier 4F Generator Rental, with innovative features that reduce regulated emissions (NOx, CO, VOCs) to near-zero levels, reduce fuel usage and costs, arc Flash detection and physical safety barriers to provide safety to the operators, and in Infrastructure DevelopmentThe surge in infrastructure development in the U.S. is driving demand for temporary power solutions in construction and industrial projects, particularly in remote or underserved areas. As projects like roads, bridges, and urban development expand, flexible and reliable power rental options are essential for meeting energy needs. For instance, in January 2025, OpenAI, SoftBank, and Oracle are investing up to $500 billion in the Stargate initiative to build 10 to 20 large-scale U.S. data centers, aiming to support AI infrastructure. This project is expected to drive significant growth in the data center and construction industries. These facilities often require substantial and continuous power supply, leading to a higher reliance on power rental services to meet their energy needs during peak loads or as backup RESTRAINTS Fluctuating Fuel PricesGasoline is the most common fuel source for portable generators. A standard 5-kilowatt generator will typically consume about 0.75 gallons per hour. The portable generator for a day, that would consume about 18 gallons, meaning the cost to run the generator would be more than $52 a day. The price of gas does fluctuate, which can make running this type of portable generator expensive over a prolonged period. Fluctuating diesel prices directly impact the U.S. power rental market, which depends heavily on diesel BY FUELDiesel has the highest incremental opportunity in the U.S. power rental market and is preferred over other fuels as it is more easily available. Despite reservations and resistance from environmental groups, regulators and localities are reluctantly approving diesel generators because of the current grid realities - specifically, the lack of reliable renewable infrastructure, limited energy storage capacity, and the urgent need for dependable backup power during peak loads or grid instability. Furthermore, other segments are gaining traction with an increase in power generation through renewable sources to enhance clean energy BY POWER RATINGIn 2024, the above 1,000 kVA segment accounted for 40% of the revenue share in the U.S. power rental market. The increasing need for reliable, high-capacity power solutions in industries such as construction, manufacturing, and large-scale events has fueled demand for powerful rental generators capable of supporting heavy machinery and critical operations. Additionally, the growing emphasis on backup power systems for data centers, hospitals, and commercial buildings amid rising concerns over grid reliability and natural disasters has further boosted the uptake of high-capacity units. Furthermore, infrastructure development projects and expanding urbanization require robust and scalable power solutions, which are often met by rental generators above 1000 kVA due to their flexibility and cost-efficiency compared to permanent installations. INSIGHTS BY EQUIPMENTIn 2024, generators dominated the equipment segment in the U.S. power rental market. The increasing frequency of power outages and natural disasters has heightened the need for reliable backup power solutions across residential, commercial, and industrial sectors. Additionally, rapid infrastructure development and ongoing construction projects require temporary power sources, further boosting generator rentals. The growing adoption of renewable energy sources, which can sometimes lead to grid instability, also increases reliance on generators for a consistent power supply. Moreover, businesses aiming to minimize downtime and maintain operations during maintenance or unexpected power failures are increasingly turning to generator rentals as a flexible and cost-effective BY END USERThe construction end-user segment in the U.S. power rental market is the fastest-growing segment, exhibiting the highest CAGR of more than 7.9% during the forecast period. This robust growth is primarily driven by increasing infrastructure development projects, urbanization, and the expansion of residential and commercial construction activities across the country. The growing emphasis on sustainable and efficient construction practices also fuels the demand for modern, energy-efficient power rental equipment. Additionally, the rise in government investments targeting infrastructure upgrades and disaster recovery initiatives further propels the demand for temporary and reliable power sources in construction projects. INSIGHTS BY APPLICATIONIn 2024, standby power solutions accounted for a significant 45% share of revenue within the application segment of the U.S. power rental market. Increasingly stringent regulations on power reliability and uptime across critical industries such as healthcare, data centers, and manufacturing have heightened the need for reliable backup power systems. The expanding adoption of digital infrastructure and the rise of remote work have further underscored the importance of a consistent power supply, fueling the demand for standby generators. KEY QUESTIONS ANSWERED Which are the key vendors in the U.S. power rental market? How big is the U.S. power rental market? What are some significant growth opportunities in the US power rental market? What is the growth rate of the U.S. power rental market? Which fuel type is projected to dominate the U.S. power rental market? Key Attributes: Report Attribute Details No. of Pages 103 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $5.3 Billion Forecasted Market Value (USD) by 2030 $8.27 Billion Compound Annual Growth Rate 7.7% Regions Covered United States Prominent Vendors United Rentals Ashtead Group plc Herc Holdings Inc The Home Depot, Inc. Other Prominent Vendors Atlas Copco Cummins Inc. Aggreko Caterpillar GENERAC Sunstate Equipment Co., LLC Red-D-Arc Inc. Taylor Power Systems, Inc Rehlko For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment U.S. Power Rental Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
17-06-2025
- Business
- Daily Mail
Equipment supplier Ashtead sees sales dip ahead of US listing switch
Equipment Group Ashtead saw revenues dip last year ahead of its primary listing switch from London to New York, amid weaker demand for used construction gear. But Ashtead achieved record annual rental revenue and earnings thanks to activity related to hurricane relief and despite weakness in the US construction sector. The industrial equipment supplier revealed that its rental turnover increased by 4 per cent to $10billion in the year ending April, although its total sales slipped by 1 per cent to $10.8billion. Meanwhile, adjusted earnings before nasties rose by 3 per cent to $5billion and free cash flow skyrocketed from $216million the previous year to $1.8billion. Growth was bolstered by volume and rate improvement across its North American general tool and specialty divisions. Ashtead said hurricane response efforts contributed $25million to $30million in rental revenues for the former segment and between $60million and $70million for the latter. The 2024 Atlantic hurricane season was one of the costliest ever, generating an estimated $124billion in damages, according to the National Hurricane Center. Ashtead, whose product range includes diggers, refrigerated containers, and air conditioning units, gains higher demand for its goods following natural disasters in the US, where it trades under the name Sunbelt Rentals. It also supplies equipment for Hollywood film and television productions, such as cameras, dollies, and lighting. Brendan Horgan, chief executive of Ashtead, said: 'We continue to take advantage of strong secular tailwinds and structural progression, within our $87billion and growing industry.' He noted that while trading in the local non-residential construction sector remained subdued, mega-project activity 'continues to be robust,' especially in regards to the data centre, semiconductor and liquefied natural gas industries. Horgan added that Ashtead was due to switch its primary listing to New York in the first quarter of next year. Ashtead initially announced its intention to move stateside last December, citing the desire to enhance liquidity in its shares and boost access to US investors. The intended relocation represents another blow to the London Stock Exchange, which has struggled to attract new initial public offerings and seen many companies change their main listing in the hopes of higher valuations. In recent years, Paddy Power owner Flutter Entertainment and building materials firm CRH changed their primary listing to Wall Street, while travel giant TUI opted for Frankfurt. Just in the past month, drugmaker Indivior and fintech platform Wise said they would switch their main listing to New York. Ashtead Group shares were 0.6 per cent lower at £43.55 on Tuesday morning but have shrunk by around 12 per cent since the year began.
Forbes
17-06-2025
- Business
- Forbes
Ashtead Shares Dip As Profits Fall Despite Record Rental Revenues
Photographer: Chris Ratcliffe/Bloomberg Rental equipment specialist Ashtead reversed on Tuesday, as tough market conditions forced profits lower despite record revenues. At £43.51 per share, the FTSE 100 company was last dealing 0.7% lower on the day. Lower equipment sales meant that headline revenue dropped 1% in the 12 months to March, to $10.8 billion. But record revenues across its core rental operations helped reduce the top-line reversal. Rental revenues at the Sunbelt Rentals owner increased 4% year on year, to $10 billion. Operating profit reversed 4% to $2.6 billion, while adjusted pre-tax profit dropped 5% to $2.1 billion. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 3% to $5 billion. This was also a record high. Ashtead has operations in the US, Canada and the UK, though it generates the lion's share of revenues from customers in the States. At its North America General Tool unit, it said rental sales edged 1% higher to $4.9 billion thanks to 'both volume and rate improvement' which it said '[demonstrated] the benefits of our strategy of broadening our end markets.' On an organic basis, revenues were flat due to tough market conditions. Ashtead said that hurricane response efforts contributed around $25 million to $30 million to the top line. North America Specialty rental revenues, meanwhile, leapt 11% to $2.4 billion. Rental revenues in the UK rose 2%, to $599 million. Last year Ashtead invested $2.4 billion in the business, down from $4.3 billion in financial 2024. This was supported by near-record free cash flow of $1.8 billion, up from $216 million the year before. It spent $137 million on five bolt-on acquisitions 'to both expand our footprint and diversify our end markets,' it said. This was down from the $905 million it forked out on 26 purchases in financial 2024 as it slashed spending to reflect market conditions. Through a combination of dividends and share buybacks, Ashtead returned $886 million to shareholders, an all-time high. It raised the full-year dividend to 108 US cents per share from 105 cents previously. Chief executive Brendan Horgan commented that 'the strength of our foundation and growth strategy is reflected in our results and guidance today. I am excited for financial 2026 and what lies ahead as we continue to advance our great company.' Ashtead said it expects rental revenue growth of 0% to 4% during the current fiscal period. Capital expenditure is put at $1.8 billion to $2.2 billion, while free cash flow is predicted to range between $2 billion and $2.3 billion. Analyst Andy Murphy of Edison Group commented that 'while adjusted profit before tax fell… the group's underlying rental business remains robust. The Sunbelt 4.0 strategy continues to gain traction, with customer growth, network expansion, and margin improvements supporting medium-term optimism.' Murphy added that 'the proposed US primary listing remains a strategic milestone' for the current financial year. Ashtead plans to switch its primary listing from London to New York during the first quarter of the 2026 calendar year, whilst retaining a secondary listing in the UK. The Footsie company received the green light from 96.4% of shareholders at an extraordinary general meeting earlier in June. Royston Wild owns shares in Ashtead Group.
Globe and Mail
16-06-2025
- Business
- Globe and Mail
BrandSafway Appoints JP Saini as SVP and CDIO
ATLANTA, Georgia, June 16, 2025 (GLOBE NEWSWIRE) -- BrandSafway, a leading provider of access, forming and shoring and specialty services to the industrial, commercial and infrastructure markets, and ranked fifth out of 600 Top Specialty Contractors by Engineering News Record (ENR), has announced the appointment of JP Saini as SVP and Chief Digital & Information Officer. 'Saini brings extensive leadership experience, particularly in the access industry, as well as a deep background in digital transformation and strategic technology implementation to our leadership team,' said BrandSafway President and CEO Gabriel McCabe. 'The addition of Saini to our leadership team will improve our agility, enhance our innovation and increase opportunities to build scalable digital technology solutions that support our priorities as we continue to grow globally and serve more customers in more locations than ever before.' Saini joins BrandSafway from his most recent role as EVP and Chief Digital & Technology Officer at Sunbelt Rentals. There, he led a comprehensive and successful digital transformation, including modernizing systems, creating cohesive data strategies and integrating supply chain solutions. Saini has more than 25 years of experience as a strategic technology leader, delivering revenue growth through digital transformation, cybersecurity and mergers & acquisitions. He will report directly to BrandSafway President and CEO Gabriel McCabe and be based at the company's Global Support Center office in Atlanta. 'I'm excited to join the BrandSafway team during this exciting chapter in its journey and look forward to what we will accomplish together,' said newly appointed BrandSafway SVP and CDIO JP Saini. 'Our holistic digital strategy will continue to improve operational efficiency, anticipate customer needs and drive customer retention.' In addition, BrandSafway EVP and Chief Technology Officer Mark Choe has decided to retire, effective August 1. Choe has been instrumental in shaping the company's digital strategy during his four years with the company. He has helped drive growth, create value and strengthen the company's technical capabilities as a key differentiator. About BrandSafway With a commitment to safety as its foremost value, BrandSafway provides the broadest range of solutions with the greatest depth of expertise to the industrial, commercial and infrastructure markets. Through a network of 340 strategic locations across 25 countries and approximately 40,000 employees, BrandSafway delivers a full range of forming, shoring, scaffolding, work access and industrial service solutions. BrandSafway supports maintenance and refurbishment projects as well as new construction and expansion plans with unmatched service from expert local labor and management. Today's BrandSafway is At Work For You™ — leveraging innovation and economies of scale to increase safety and productivity, while remaining nimble and responsive. For more information about BrandSafway, visit our website and follow us on LinkedIn.
