United Rentals to maintain high CapEx in 2022

By Murray Pollok27 January 2022

United Rentals said it is likely to maintain the high levels of capital expenditure in 2022 with expected spending of up to US$3.1 billion.

The forecast came as United reported a 24.7% increase in revenues for the final quarter of 2021, up to $2.3 billion, with net profits rising 62% to $481 million.

Total revenues for 2021 were $9.7 billion, which represents a 14.1% increase over 2020, and means that United has now exceeded its record year in 2019 when sales were $9.3 billion.

A notable feature of the results is the continuing rise in revenues at its specialty rental division, where sales were up 45.3% in the quarter to $613 million. That compared to an 18.6% increase in its general rentals business, reaching sales of $1.69 billion.

Matthew Flannery, CEO of United, said, “Our strong fourth quarter, which included record revenue, adjusted EBITDA and operating earnings, completes a year of significant achievements and provides solid momentum as we enter the new year.”

He said the company’s 2022 guidance – for revenues of between $10.6 and 11.0 billion – “reflects the optimism of our customers, as well as our confidence in leveraging our competitive advantages over the longer term.”

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
US renter acquires in North Carolina
Acquisition aligns with NED expansion to new facility
Hitachi welcomes AI technology update to Europe’s Machinery Directive
New safety rules will regulate connectivity, autonomy, and data dependency
Ampd Energy successfully deploys battery energy storage system
The company is working in partnership with Laing O’Rourke and subsidiary Select
CONNECT WITH THE TEAM
Ollie Hodges Publisher Tel: +44 (0)1892 786253 E-mail: ollie.hodges@khl.com
Belinda Smart
Belinda Smart Editor Tel: 44 (0)1892 786209 E-mail: belinda.smart@khl.com
CONNECT WITH SOCIAL MEDIA