April 28, 2024
United Rentals
, Stamford, Conn., reported $3.49 billion in total revenue during the 2024 first quarter, up from $3.29 billion in the 2023 first quarter. First quarter rental revenue was a record $2.93 billion, a 6.9 percent increase compared to $2.74 billion during the same time last year.
The company has raised its 2024 outlook to reflect the expected contribution from the acquisition of Yak, which was completed on March 15, 2024. Total revenue for 2024 is expected to range from $14.95 billion to $15.45 billion. The prior outlook had total revenues ranging from $14.65 billion to $15.15 billion.
“We’re pleased with our start to 2024, which delivered first quarter records across revenue, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), and EPS (earnings per share),” said Matthew Flannery, CEO, United Rentals. “Our results are a testament to the team’s commitment to putting our customers at the center of everything we do and efficiently leveraging our competitive advantages.
“Our acquisition of Yak last month provides another excellent example of our strategy to grow our specialty rental business, differentiate our one-stop-shop capabilities and capitalize on both secular growth and cross-selling opportunities,” Flannery continued. “2024 is playing out as we expected, with our updated full-year guidance reflecting the addition of Yak. As we enter our busy season, we are excited by both the immediate opportunities we see, particularly on large projects, and the longer-term outlook. We’ve built a resilient company with a well-proven strategy that is positioned to continue driving profitable growth, strong free cash flow generation and compelling shareholder value.”
