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Sep 30, 2023
United Rentals Q3 2023 Earnings Report
Announced record third quarter results and reaffirmed its full-year 2023 guidance.
Key Takeaways
United Rentals reported record third-quarter results, driven by broad-based activity and the ability to provide customers with a highly differentiated value proposition. Total revenue reached $3.765 billion, with net income of $703 million and adjusted EBITDA of $1.850 billion.
Total revenue reached $3.765 billion, including rental revenue of $3.224 billion.
Net income was $703 million, with a margin of 18.7%, and GAAP diluted earnings per share reached $10.29.
Adjusted EBITDA was $1.850 billion, with a margin of 49.1%.
The company reaffirmed its full-year 2023 guidance.
Revenue by Segment
Forward Guidance
The company has reaffirmed its 2023 outlook, with certain ranges narrowed.
Positive Outlook
- Total revenue is projected to be between $14.1 billion and $14.3 billion.
- Adjusted EBITDA is expected to range from $6.775 billion to $6.875 billion.
- Net rental capital expenditures, after gross purchases, are anticipated to be between $1.9 billion and $2.05 billion.
- Net cash provided by operating activities is forecasted to be between $4.5 billion and $4.8 billion.
- Free cash flow (excluding merger and restructuring related payments) is projected to be between $2.3 billion and $2.5 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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