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United Rentals reports record third quarter results

By Stephen Elliott

October 29, 2023

United RentalsUnited Rentals financial results, Stamford, Conn., earned $3.77 billion during the 2023 third quarter in total revenue compared to $3.05 billion the year before. Rental revenue for the 2023 third quarter was a company record $3.22 billion, up 18 percent compared to $2.73 billion the year before.

For the first nine months of the year, United Rentals earned $10.60 billion in total revenue compared to $8.35 billion the year before. Rental revenue for the first nine months was $8.96 billion compared to $7.37 billion the year before. Total revenue for 2023 now is expected to range from $14.1 to $14.3 billion, up from the previous guidance of $14 to $14.3 billion.

“I’m very pleased with our third-quarter results across growth, profitability and returns, which were underpinned by broad-based activity. Our ability to provide our customers with a highly-differentiated value proposition, led by safety and productivity, is enabling us to outpace the broader industry and create value for our investors,” said Matthew Flannery, United Rentals president and CEO.

“Our full-year guidance speaks to the continued strength of our markets. Looking beyond 2023, we believe that our strategy positions us well to support our customers as they execute on the tailwinds we see across infrastructure, industrial manufacturing, and energy and power. Combined, these support our goals for profitable growth, strong cash flow, and attractive returns for our shareholders.”

In addition, the company revised its outlook for gross capital expenditures in 2023 to be between $3.4 billion to $3.55 billion, up from its prior outlook of $3.35 to $3.55 billion.