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Mar 31, 2023
United Rentals Q1 2023 Earnings Report
Announced record first quarter results and reaffirmed its full-year 2023 guidance.
Key Takeaways
United Rentals reported record first quarter results with total revenue of $3.285 billion, net income of $451 million, and adjusted EPS of $7.95. The company reaffirmed its full-year 2023 guidance, supported by customer optimism and the integration of recent acquisitions.
Total revenue reached $3.285 billion, including rental revenue of $2.740 billion.
Fleet productivity increased 2.0% as reported and 5.9% on a pro forma basis.
Net income was $451 million, with a margin of 13.7%, and GAAP diluted earnings per share of $6.47.
Adjusted EBITDA was $1.503 billion, with a margin of 45.8%.
Revenue by Segment
Forward Guidance
The company has reaffirmed its 2023 outlook.
Positive Outlook
- Total revenue is expected to be between $13.7 billion to $14.2 billion
- Adjusted EBITDA is projected to be $6.6 billion to $6.85 billion
- Net rental capital expenditures after gross purchases are anticipated to be $2.0 billion to $2.25 billion, after gross purchases of $3.3 billion to $3.55 billion
- Net cash provided by operating activities is estimated to be $4.4 billion to $4.8 billion
- Free cash flow (excluding merger and restructuring related payments) is forecasted to be $2.1 billion to $2.35 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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