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Dec 31, 2020
United Rentals Q4 2020 Earnings Report
Announced fourth quarter 2020 results and introduced 2021 outlook, reflecting a return to growth.
Key Takeaways
United Rentals' fourth quarter results exceeded expectations, driven by stronger rental volume and robust used equipment sales. The company is encouraged by the momentum this gives them going into 2021.
Total revenue was $2.279 billion, including rental revenue of $1.854 billion.
Net income was $297 million, implying a net income margin of 13.0%. GAAP diluted earnings per share was $4.09, and adjusted EPS of $5.04.
Adjusted EBITDA was $1.037 billion, implying an adjusted EBITDA margin of 45.5%.
Free cash flow was $2.440 billion, including gross rental capital spending of $961 million.
Year-end net leverage ratio of 2.4x, with total liquidity of $3.073 billion.
Revenue by Segment
Forward Guidance
The company provided the following outlook for 2021. Total revenue $8.625 billion to $9.025 billion. Adjusted EBITDA $3.925 billion to $4.125 billion. Net rental capital expenditures after gross purchases $1.15 billion to $1.45 billion, after gross purchases of $2.0 billion to $2.3 billion. Net cash provided by operating activities $2.95 billion to $3.45 billion. Free cash flow (excluding merger and restructuring related payments, such payments were $14 million in 2020) $1.65 billion to $1.85 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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