United Rentals Q4 2021 Earnings Report
Key Takeaways
United Rentals announced strong fourth quarter results, including record revenue, adjusted EBITDA, and operating earnings. The company's 2022 guidance reflects customer optimism and confidence in leveraging competitive advantages.
Total revenue reached $2.776 billion, with rental revenue of $2.312 billion.
Fleet productivity increased by 10.3% year-over-year.
Net income was $481 million, with a margin of 17.3%, resulting in GAAP diluted earnings per share of $6.61 and adjusted EPS of $7.39.
Adjusted EBITDA reached $1.309 billion, with a margin of 47.2%.
United Rentals
United Rentals
United Rentals Revenue by Segment
Forward Guidance
The company provided the following outlook for 2022. Total revenue is expected to be between $10.65 billion and $11.05 billion. Adjusted EBITDA is expected to be between $4.95 billion and $5.15 billion.
Positive Outlook
- Total revenue $10.65 billion to $11.05 billion
- Adjusted EBITDA $4.95 billion to $5.15 billion
- Net rental capital expenditures after gross purchases $1.85 billion to $2.05 billion, after gross purchases of $2.9 billion to $3.1 billion
- Net cash provided by operating activities $3.5 billion to $3.9 billion
- Free cash flow (excluding merger and restructuring related payments, such payments were $13 million in 2021) $1.5 billion to $1.7 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income