United Rentals Q3 2021 Earnings Report
Key Takeaways
United Rentals announced strong third quarter performance with rental results exceeding expectations, driven by a broad-based recovery in end-markets. The company raised its full-year guidance for total revenue and adjusted EBITDA, reflecting confidence in sustained recovery and strategic supplier partnerships.
Total revenue reached $2.596 billion, including rental revenue of $2.277 billion.
Fleet productivity increased by 13.5% year-over-year.
Net income was $409 million, with a net income margin of 15.8%, and adjusted EPS of $6.58.
Adjusted EBITDA was $1.233 billion, representing an adjusted EBITDA margin of 47.5%.
United Rentals
United Rentals
United Rentals Revenue by Segment
Forward Guidance
The company updated its 2021 outlook for total revenue to $9.60 billion to $9.75 billion and adjusted EBITDA to $4.325 billion to $4.400 billion. Net rental capital expenditures after gross purchases is expected to be $1.75 billion to $1.95 billion, after gross purchases of $2.75 billion to $2.95 billion. Net cash provided by operating activities is projected to be $3.375 billion to $3.725 billion, and free cash flow (excluding the impact of merger and restructuring related payments) is expected to be $1.45 billion to $1.65 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income