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United Rentals reports record second quarter results; raises 2023 outlook

By Stephen Elliott

July 30, 2023

United Rentals financial resultsUnited Rentals, Stamford, Conn., earned $3.55 billion in total revenue during the 2023 second quarter, compared to $2.77 billion in the 2022 second quarter. Rental revenue for the 2023 second quarter was a second quarter company record $2.98 billion, a 21.1 percent increase compared to $2.46 billion the year before. 

During the first six months of 2023, United Rentals earned $6.84 billion compared to $5.3 billion the year before. Rental revenue for the first six months was $5.72 billion compared to $4.64 billion the year before.  

Total revenue for 2023 is expected to range from $14 billion to $14.3 billion. The company had previously expected total revenue to range from $13.7 billion to $14.2 billion.  

“I’m pleased to share that our record second quarter results were supported by strong customer activity across our business. The integration of Ahern is on track, while our team’s outstanding execution drove solid margin expansion both sequentially and year-over-year. Looking at the balance of 2023, we remain encouraged by the momentum we are carrying into the busiest part of our season as well as our customers’ continued optimism,” said Matthew Flannery, CEO, United Rentals.  

“The increases to our full-year guidance speak to the strength of the current environment. As we look ahead, we continue to focus on ensuring that we are best positioned to serve our customers as they capitalize on the multi-year tailwinds we see across infrastructure, manufacturing, and energy and power. We remain confident in our ability to leverage these opportunities to deliver profitable growth, strong cash flow, and attractive returns for our shareholders,” he added.