The Q2 quarterly report of United Leasing was released. Compared with the total revenue of US$1.96 billion in the same period in 2019, the total revenue in 2020 was US$1.642 billion, a year-on-year decrease of 16.2%. In addition, the comprehensive impact of equipment rental rate, equipment utilization, and equipment rental income also showed a downward trend, with a decrease of 13.6%.
Regarding the quarterly development trend, the company specifically pointed out that it has improved. Original equipment rental costs in June were 14% higher than the trough period in April. United Leasing CEO Matthew Flannery said, "We are satisfied with the results of Q2, which reflects the flexibility and resilience of our business model. And in terms of cost planning, our employees have done a great job, and they have also helped many customers. Work safely during the COVID-19 epidemic."
Flannery continued, "Since mid-April, equipment sales have started to increase steadily, which provides a lot of motivation for our work in the next quarter. Although the future is still confused, recent data shows that by the second half of 2020, the market will follow Past seasonal patterns."
Through this report, United Leasing Company adjusted its development expectations for 2020, saying that its estimated total revenue is between 9.15 billion and 9.45 billion US dollars. It is estimated that its net lease capital expenditure is between 1.3 billion and 1.4 billion US dollars. Prior to this, this figure was between 2.05 billion and 2.15 billion US dollars.
Other data: Q2 quarter used equipment generated 1.76 billion US dollars in revenue, accounting for about 53.8% of all equipment costs. United Leasing stated that the year-on-year decline in gross profit margin was mainly due to price fluctuations and different combinations of sales equipment. In addition, the general leasing market leasing income fell by 17.8% year-on-year, and the total revenue in the Q2 quarter was US$1.255 billion.
