United Rentals has released its second-quarter results and reintroduced full-year 2020 guidance.
The rental giant had revenue of $1.642 billion, a decrease of 16.2 percent year-over-year. Revenue remained down throughout the quarter, United said, primarily due to the impact of the Covid-19 pandemic.
Fleet productivity for the quarter decreased 13.6 percent year-over-year, mostly due to lower rental volumes. Rental volume trends, however, improved throughout the quarter, with OEC-on-Rent at the end of June almost 14 percent above its April trough.
Net income for the quarter decreased 21.5 percent compared to last year.
"We saw a steady recovery in volume beginning in mid-April, which gave us good momentum into the start of our busy season," said United Rentals CEO Matthew Flannery. "While visibility is still limited, near-term indicators suggest that the second half of 2020 may track to seasonal patterns in the majority of our markets.
"Based on this, we have reintroduced guidance," Flannery said. "Should things change, our continued focus on cost and capital discipline, along with our strong balance sheet and robust cash generation, will allow us to respond swiftly."
The full-year guidance was reintroduced with these outlook highlights: total revenue, $8.05 billion to 8.45 billion (2019 actual was $9.351 billion); adjusted EBITDA, $3.6 billion to $3.8 billion (2019 actual was $4.355 billion).
Source: United Rentals
