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Mar 31, 2022
United Rentals Q1 2022 Earnings Report
Announced record first quarter results and raised 2022 guidance for revenue, adjusted EBITDA and both operating and free cash flow.
Key Takeaways
United Rentals reported a strong start to 2022 with record first quarter results, including total revenue, rental revenue, adjusted EBITDA, and EPS. The company's markets are trending up, driven by broad-based rental demand in construction and industrial verticals. Updated full-year guidance includes higher targets for total revenue, adjusted EBITDA, and free cash flow.
Total revenue reached $2.524 billion, with rental revenue of $2.175 billion.
Fleet productivity increased by 13.0% year-over-year.
Net income was $367 million, with a margin of 14.5%, and adjusted EPS was $5.73.
Adjusted EBITDA was $1.139 billion, with a margin of 45.1%.
Revenue by Segment
Forward Guidance
The company has updated its 2022 outlook with higher targets for total revenue, adjusted EBITDA and free cash flow.
Positive Outlook
- Total revenue $11.1 billion to $11.5 billion
- Adjusted EBITDA $5.2 billion to $5.4 billion
- Net rental capital expenditures after gross purchases $1.85 billion to $2.05 billion, after gross purchases of $2.9 billion to $3.1 billion
- Net cash provided by operating activities $3.7 billion to $4.1 billion
- Free cash flow (excluding the impact of merger and restructuring related payments) $1.7 billion to $1.9 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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