United Rentals posts record numbers in Q3 results

united rentals, utilities, utility expo (Photo: United Rentals)

United Rentals has posted revenues of $3.7 billion for the third quarter of 2023, a 23% increase on the same period last year. 

Meanwhile, rental revenues increased by 18%, up to $3.2 billion, a third quarter record for the company.

United said the growth was down to the “broad-based strength of demand across the company’s end-markets and the impact of the Ahern Rentals acquisition”.

Its specialty rentals segment saw a 16.1% increase in rental revenue to a third quarter record of $917 million, while net income was up by 16% to $703 million, another third quarter record. 

Elsewhere, used equipment sales saw the highest growth, with the $366 million representing a 102.2% increase. Adjusted EBITDA increased by 21.6%, up to $1.8 billion.

Matthew Flannery, chief executive ocer of United Rentals, said, “I’m very pleased with our third-quarter results across growth, protability and returns, which were underpinned by broad-based activity. Our ability to provide our customers with a highly-dierentiated value proposition, led by safety and productivity, is enabling us to outpace the broader industry and create value for our investors.

“Our full-year guidance speaks to the continued strength of our markets. Looking beyond 2023, we believe that our strategy positions us well to support our customers as they execute on the tailwinds we see across infrastructure, industrial manufacturing, and energy and power. Combined, these support our goals for protable growth, strong cash ow, and attractive returns for our shareholders.”

The company also announced a slight amendment to its outlook for the rest of 2023, with total revenue now predicted to be between $14.1 and $14.3 billion.

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