United Rentals posted equipment rental revenues of $1.795 billion in the first quarter of 2019 compared to $1.459 billion in the first quarter of 2018, a 23-percent increase. Total revenue for the first quarter was $2.117 billion compared to $1.734 billion in the year-ago quarter, a 22.1-percent hike.
The Trench, Power and Fluid Solutions segment paved the way for United in the quarter, with $372 million in revenue compared to $258 million in the first quarter a year ago, for a 44.2-percent hike, including 9.5 percent on a same-store basis. Revenue in the General Rental segment increased from $1.201 billion to $1.423 billion, an 18.5-percent increase.
Adjusted EBITDA increased 18.1 percent year over year to $921 million.
“We’re pleased with our solid start to 2019, and the broad-based growth we realized across geographies and verticals,” said Michael Kneeland, United Rentals CEO. “We’re entering our busy season with the strongest service offering in our history, given the strategic investments we’ve made across our business including acquisitions to help support our customers. I’m proud of our team for staying focused on our customers through multiple integrations and recent weather headwinds.
“By reaffirming our guidance, we’re emphasizing our confidence in the cycle. The year is unfolding as we expected – customer sentiment remains positive, and feedback from the field points to healthy end-market activity. Given our strong competitive advantages, we’re in an ideal position to serve our customers and maximize shareholder value.”
Within rental revenue, fleet productivity decreased 1.3 percent year over year, primarily because of the impact of the BakerCorp and BlueLine acquisitions. On a pro forma basis, fleet productivity increased 2.2 percent, reflecting improvements in rental rates and fleet mix, partially offset by a decline in time utilization largely because of the integration of recent acquisitions and adverse weather.
United Rentals, Stamford, Conn., is the world’s largest rental company, No. 1 on the RER 100.
