United Rentals Q1 2021 Earnings Report
Key Takeaways
United Rentals announced strong first quarter results with total revenue of $2.057 billion and net income of $203 million. The company raised its full-year 2021 guidance, reflecting expectations for stronger growth in its core rental business and increased used equipment sales.
Total revenue of $2.057 billion, including rental revenue of $1.667 billion.
Net income of $203 million, implying a net income margin of 9.9%. GAAP diluted earnings per share of $2.80, and adjusted EPS of $3.45.
Adjusted EBITDA of $873 million, implying an adjusted EBITDA margin of 42.4%.
$758 million of net cash from operating activities; free cash flow of $725 million, including gross rental capital spending of $295 million.
United Rentals
United Rentals
United Rentals Revenue by Segment
Forward Guidance
The company has updated its full-year outlook, including the contribution from the acquisition of Franklin Equipment but does not include the impact of the pending acquisition of General Finance Corporation.
Positive Outlook
- Total revenue between $9.05 billion and $9.45 billion
- Adjusted EBITDA between $4.1 billion to $4.3 billion
- Net rental capital expenditures after gross purchases between $1.25 billion to $1.45 billion, after gross purchases of $2.2 billion to $2.4 billion
- Net cash provided by operating activities between $3.1 billion to $3.5 billion
- Free cash flow (excluding the impact of merger and restructuring related payments) between $1.7 billion to $1.9 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income