United Rentals Raises Outlook, Releases Q1 Results

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United Rentals rental revenue for Q1 of 2021 was $1.667 billion, reflecting a decrease of 6.5 percent year-over-year; however, the company has raised its full-year 2021 guidance based on prospects for continued industry recovery.

"We were very pleased with our first quarter results and the strong start to our year, as our key end-markets continue to rebound from the challenges of 2020," said Matthew Flannery, United Rentals CEO. "Sentiment among our customers continues to improve, and we are well prepared to support them as we enter the busiest part of our season.

"The recovery that we've seen since the middle of last year remains evident across our business, and virtually all indicators point to these trends continuing," Flannery said. "As such, we are raising our full-year guidance to reflect our expectations for stronger growth in our core rental business and increased used equipment sales. Most importantly, we are leveraging our significant competitive advantages to add value for both our customers and our investors."

First quarter highlights included total revenue of $2.057 billion, net income of $203 million, and adjusted EBITDA of $873 million.

Source: United Rentals