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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.
United Rentals
United Rentals
United Rentals Revenue by Segment
Revenue by Segment
General Rentals Revenue
CapyFin.comSpecialty Rentals Revenue
CapyFin.com 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