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United Rentals reports record fourth quarter revenues and full-year results

By Stephen Elliott

January 28, 2024

United RentalsUnited Rentals, Stamford, Conn., recently reported $3.73 billion in total revenue during the 2023 fourth quarter, up from $3.30 billion in the 2022 fourth quarter. Fourth quarter rental revenue was a record $3.12 billion, a 13.5 percent increase compared to $2.75 billion during the same time last year.

During the 2023 full year, the company earned $14.33 billion in total revenue, up from $11.64 billion in 2022. Rental revenue in 2023 was $12.06 billion, up from $10.12 billion in 2022.

Total revenue for 2024 is expected to range from $14.65 billion to $15.15 billion.

“We entered 2023 with the goal of raising the bar and I’m incredibly pleased with the team’s performance. Our fourth quarter results capped a year of new records across revenue, profits, and returns driven by a relentless commitment to serving our customers, while staying laser focused on safety and operational excellence,” said Matthew Flannery, United Rentals CEO.

“We are now excited to deliver on the growth we expect in 2024, supported by our strength on large projects. Our guidance reflects the opportunities we see across our business as we leverage our competitive advantages to support our customers and outpace the market. We continue to execute on our long-held strategy to deliver profitable growth, strong free cash flow and exceptional returns. Our new leverage targets and 2024 capital allocation plans are further evidence of our commitment to driving shareholder value,” said Flannery.

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