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Mar 31, 2024
United Rentals Q1 2024 Earnings Report
Reported record first quarter results and raised 2024 guidance to reflect the acquisition of Yak.
Key Takeaways
United Rentals announced record first-quarter results, with total revenue reaching $3.485 billion and net income of $542 million. The company's performance was driven by strong demand and efficient leveraging of competitive advantages, and the acquisition of Yak contributed to an updated full-year guidance.
Total revenue reached $3.485 billion, which included rental revenue of $2.929 billion.
Net income was $542 million, with a margin of 15.6%, and GAAP diluted earnings per share was $8.04, with adjusted EPS of $9.15.
Adjusted EBITDA was $1.587 billion, with a margin of 45.5%.
Fleet productivity increased 4.0% year-over-year.
Revenue by Segment
Forward Guidance
The company has raised its 2024 outlook to reflect the expected contribution from the acquisition of Yak, which was completed on March 15, 2024.
Positive Outlook
- Total revenue is expected to be $14.950 billion to $15.450 billion.
- Adjusted EBITDA is expected to be $7.040 billion to $7.290 billion.
- Net rental capital expenditures after gross purchases are expected to be $2.000 billion to $2.300 billion, after gross purchases of $3.500 billion to $3.800 billion.
- Net cash provided by operating activities is expected to be $4.300 billion to $4.900 billion.
- Free cash flow excluding merger and restructuring related payments is expected to be $2.050 billion to $2.250 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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