United Rentals reports revenue increase; expects revenue to top $10 billion in 2022

United Rentals, Stamford, Conn., today reported $2.78 billion in total revenue during the 2021 fourth quarter, up from $2.28 billion in the 2020 fourth quarter. Fourth quarter rental revenue was $2.31 billion, a 24.7 percent increase compared to $1.85 billion during the same time last year.

During the 2021 full year, the company earned $9.72 billion in total revenue, up from $8.53 billion the year before. Rental revenue in 2021 was $8.21 billion, up from $7.14 billion in 2020.

Total revenue for 2022 is expected to range from $10.65 billion to $11.05 billion.

“Our strong fourth quarter, which included record revenue, adjusted EBITDA and operating earnings, completes a year of significant achievements and provides solid momentum as we enter the new year. Our team provided exceptional customer service, which supported better than expected organic growth in 2021, and successfully integrated over $1.4 billion of acquisitions while maintaining their focus on operating safely and managing costs,” said Matthew Flannery, United Rentals CEO.

“Our 2022 guidance reflects the optimism of our customers, as well as our confidence in leveraging our competitive advantages over the longer term. Our larger, more diverse value proposition should both benefit the top line and strengthen our levers for delivering strong margins, cash generation and returns in this new upcycle,” Flannery said.

The company’s board of directors also authorized a new $1 billion share repurchase program which is expected to commence in the first quarter of 2022. The company intends to complete the new share repurchase program in 2022. The new program replaces the prior $500 million program, which was paused in March 2020 due to the coronavirus (COVID-19) pandemic, and under which the company had $243 million of remaining authorization.