United Rentals Raises Guidance, Releases Q3 Results

Nov. 1, 2021

United Rentals raised its full-year 2021 guidance for total revenue and adjusted EBITDA as it released Q3 results highlighted by a 22.4 percent year-over-year increase in rental revenue.

“We were very pleased with our third quarter performance, with rental results coming in ahead of expectations as our team serviced our customers in a safe and efficient manner through the busiest part of the year,” said Matthew Flannery, CEO. “Importantly, the momentum we’ve experienced from the broad-based recovery of our end-markets supports our raising the full-year guidance for both total revenue and EBITDA. Our update also includes an increase to rental capex, reflecting incremental fleet we plan to purchase in the fourth quarter as we look to support growth next year.

“While early in our planning process, virtually all key indicators point to a sustained recovery,” Flannery said. “At this same time, the industry has remained disciplined and our strategic partnerships with key suppliers will benefit the company as we invest in fleet to support our customers. Combined, this should position us to deliver strong growth, improved margins, and attractive returns in 2022.”

United Rentals Q3 highlights:

  • Total revenue of $2.596 billion, including rental revenue of $2.277 billion
  • Fleet productivity increased 13.5 percent year-over-year
  • Net income of $409 million, implying a net income margin of 15.8 percent
  • Adjusted EBITDA of $1.233 billion, implying an adjusted EBITDA margin of 47.5 percent.

Source: United Rentals