United Rentals reports record second quarter rental revenue; raises 2022 outlook

Jul. 31, 2022

United Rentals, Stamford, Conn., earned $2.77 billion in total revenue during the 2022 second quarter, compared to $2.29 billion in the 2021 second quarter. Rental revenue for the 2022 second quarter was a company record $2.46 billion, a 26.2 percent increase compared to $1.95 billion the year before.

During the first six months of 2022, United Rentals earned $5.30 billion in total revenue, compared to $4.34 billion the year before. Rental revenue for the first six months was $4.64 billion compared to $3.62 billion.

Total revenue for 2022 is expected to range from $11.4 billion to $11.7 billion. The company had previously expected total revenue to range from $11.1 billion to $11.5 billion in 2022.

“Our record second quarter results reflect our strong execution in a robust demand environment. We’ve entered our busiest season with excellent momentum and the benefit of an effective capital allocation strategy, including seven bolt-on acquisitions and 24 Specialty cold-starts through June. We’re also on track to invest $3 billion in fleet this year and complete our share repurchase program this quarter, all supported by our cash generation and balance sheet,” said Matthew Flannery, CEO, United Rentals.

“Our higher 2022 outlook for total revenue, adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] and free cash flow reflects broad-based end-market activity, contractor backlogs, customer sentiment and our visibility through the balance of the year. The flexibility of our operating model puts us in a strong position to leverage any market environment,” Flannery added.

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