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Jun 30, 2024
United Rentals Q2 2024 Earnings Report
Announced record second quarter results and reaffirmed mid-points of 2024 guidance.
Key Takeaways
United Rentals reported record second-quarter results with total revenue of $3.773 billion, net income of $636 million, and adjusted EPS of $10.70. The company reaffirmed the mid-points of its 2024 outlook, while narrowing the outlook ranges for revenue and adjusted EBITDA.
Total revenue reached $3.773 billion, including rental revenue of $3.215 billion.
Net income was $636 million, with a margin of 16.9%, and GAAP diluted earnings per share of $9.54.
Adjusted EBITDA was $1.769 billion, with a margin of 46.9%.
Fleet productivity increased 4.6% year-over-year, or 3.0% excluding the impact of the Yak acquisition.
Revenue by Segment
Forward Guidance
The company has narrowed the outlook ranges for revenue and adjusted EBITDA and has reaffirmed the mid-points of its 2024 outlook.
Positive Outlook
- Total revenue between $15.05 billion and $15.35 billion.
- Adjusted EBITDA between $7.09 billion and $7.24 billion.
- Net rental capital expenditures after gross purchases between $2.00 billion and $2.30 billion, after gross purchases of $3.50 billion to $3.80 billion.
- Net cash provided by operating activities between $4.30 billion and $4.90 billion.
- Free cash flow excluding merger and restructuring related payments between $2.05 billion and $2.25 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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