United Rentals Q2 2024 Earnings Report
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.
United Rentals
United Rentals
United Rentals 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