Loading...
•
Jun 30, 2023
United Rentals Q2 2023 Earnings Report
Announced record second quarter results and raised its full-year 2023 guidance.
Key Takeaways
United Rentals reported record second quarter results, supported by strong customer activity across the business. The integration of Ahern is on track, and the company's outstanding execution drove solid margin expansion. The company also raised its full-year guidance.
Total revenue of $3.554 billion, including rental revenue of $2.981 billion.
Net income of $591 million, at a margin of 16.6%, with GAAP diluted earnings per share of $8.58, and adjusted EPS of $9.88.
Adjusted EBITDA of $1.695 billion, at a margin of 47.7%.
Year-to-date net cash provided by operating activities of $2.228 billion; free cash flow of $818 million, including gross rental capital spending of $2.048 billion.
United Rentals
United Rentals
Forward Guidance
The company has raised its 2023 outlook.
Positive Outlook
- Total revenue is expected to be $14.0 billion to $14.3 billion.
- Adjusted EBITDA is expected to be $6.75 billion to $6.9 billion.
- Net rental capital expenditures are expected to be $1.9 billion to $2.1 billion, after gross purchases of $3.35 billion to $3.55 billion.
- Net cash provided by operating activities is expected to be $4.5 billion to $4.8 billion.
- Free cash flow (excluding merger and restructuring related payments) is expected to be $2.3 billion to $2.5 billion.