United Rentals second-quarter revenue was $2.29 billion, $2.0 billion of which was generated from equipment rentals, a gain of 18.8 percent over the same period in 2020. Net income for the second quarter was $293 million with a margin of 12.8 percent, up 38 percent from Q2 2020.
In addition to rental revenue, URI reported sales of rental equipment of $194 million and sales of new equipment of $57 million. These figures were up 10 percent and 8 percent, respectively.
Fleet productivity increased 17.8 percent compared to 2020, with the company citing “better fleet absorption” for the growth. The company defines “fleet productivity” as “the impact of changes in rates, utilization, and mix on owned equipment rental revenue.”
The company raised it’s 2021 outlook from between $9.05 billion and $9.45 billion to $9.45 billion to $9.75 billion.
Said Matthew Flannery, CEO, in a prepared statement:
“We were pleased with our second quarter results, which were in line with our expectations and reflected a continued recovery across our construction and industrial markets. Looking forward, we remain encouraged by the gains we’ve seen in end-market indicators, including our customers’ sentiment and project visibility. We are raising our guidance to reflect the expected contribution from our recently completed acquisitions, as well as accelerated momentum in our underlying business. Combined, we believe this positions us well to deliver strong growth and returns in the second half of the year.”
Source: URI
