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    6719d5f8e22e5e992edc5133 Untied Rentals Skidsteer Loader Staff 22
    1. News & Analysis
    2. Headline News

    United Rentals Almost Hits $4 Billion in Total Third Quarter Revenue

    Oct. 24, 2024
    United Rentals reported equipment rental revenues of $3.463 billion in the third quarter of 2024, up from $3.224 billion in the third quarter of 2023, a 7.4-percent increase.

    United Rentals reported equipment rental revenues of $3.463 billion in the third quarter of 2024, up from $3.224 billion in the third quarter of 2023, a 7.4-percent increase. Total revenues for the third quarter of 2024 fell just short of $4 billion at $3.992 billion, compared to $3.765 billion for the third quarter of 2023, a 6-percent increase. Sales of rental equipment declined in the period from $366 million to $321 million, a 14-percent decline, while sales of new equipment increased from $52 million to $77 million, a 48.1-percent increase. Contractor supplies sales were essentially flat, dropping from $39 million to $38 million. Service and other revenues increased from $84 to $93 million, a 10.7-percent incline.

    The general rentals segment increased revenue 0.9 percent from $2.307 billion to $2.327 billion in the third quarter. The specialty rentals segment, however, jumped 23.9 percent, from $917 million to $1.136 billion. The acquisition of Yak Mats contributed to the specialty segment revenue. Excluding the impact of the Yak acquisition, however, rental revenue still increased 14.8 percent year over year.

    “We were pleased with our record third-quarter results, which were in-line with our expectations and reflected continued growth across both our construction and industrial end markets,” said CEO Matthew Flannery. “Our one-stop shop strategy, supported by world-class service and innovative solutions, is helping our customers achieve their goals across safety, productivity and sustainability. The hard work of our dedicated team members enables us to continue to lead the industry.

    “As we enter the home stretch of 2024, we’re happy to reaffirm the mid-points of our guidance across all metrics. Longer term, we remain optimistic on the multiple secular tailwinds we see, particularly across large projects. I’m very proud of the company we’ve built, supported by a well-proven strategy focused on profitable growth, strong free cash flow generation and prudent capital allocation. This is how we will continue to drive compelling long-term value for our shareholders.”

    For the first nine months of 2024, United Rentals’ total revenues were $11.250 billion, compared to $10.604 billion for the first nine months of 2023, a 6.1-percent incline. Equipment rentals revenue totaled $9.607 billion compared to $8.945 a year ago, a 7.4-percent increase.

    Similar to other recent expectations, while increases are now in the high single digits, rather than double digits, results are still considered good and expectations for the coming years are still seen as positive.

    United’s current outlook for the year has narrowed slightly. Previously, the company expected total revenues in the range of $15.05 billion to $15.35 billion; now the company is expecting total revenue of $15.10 billion to $15.30 billion. Adjusted revenue was previously in the range of $7.09 billion to $7.24 billion. Now United is expecting $7.115 billion to $7.215 billion. 

     

    Based in Stamford, Conn., United Rentals is No. 1 on the RER 100.

    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.