United Rentals Q3 2024 Earnings Report
Key Takeaways
United Rentals announced record third-quarter results, in line with expectations, reflecting continued growth across both construction and industrial end-markets. The company reaffirmed the mid-points of its 2024 guidance across all metrics.
Total revenue of $3.992 billion, including rental revenue of $3.463 billion.
Net income of $708 million, at a margin of 17.7%. GAAP diluted earnings per share of $10.70, and adjusted EPS of $11.80.
Adjusted EBITDA of $1.904 billion, at a margin of 47.7%.
Year-over-year, fleet productivity increased 3.5%. Excluding the impact of the Yak acquisition, fleet productivity increased 1.9% year-over-year.
United Rentals
United Rentals
Forward Guidance
The company has narrowed the outlook ranges for revenue, adjusted EBITDA, rental capital expenditures and net cash provided by operating activities, and has reaffirmed the mid-points of its 2024 outlook.
Positive Outlook
- Total revenue between $15.10 billion and $15.30 billion
- Adjusted EBITDA between $7.115 billion and $7.215 billion
- Net rental capital expenditures after gross purchases between $2.05 billion and $2.25 billion, after gross purchases of $3.55 billion to $3.75 billion
- Net cash provided by operating activities between $4.40 billion and $4.80 billion
- Free cash flow excluding merger and restructuring related payments between $2.05 billion and $2.25 billion