United Rentals Inc (URI, Financial) released its earnings report for the third quarter of 2023 on October 25, 2023. The company announced record financial results and reaffirmed its full-year 2023 guidance.
Financial Performance and Highlights
United Rentals Inc (URI, Financial) reported a total revenue of $3.765 billion in Q3 2023, including rental revenue of $3.224 billion. The net income for the quarter was $703 million, at a margin of 18.7%. The company's GAAP diluted earnings per share stood at $10.29, and the adjusted EPS was $11.73. The adjusted EBITDA for the quarter was $1.850 billion, at a margin of 49.1%.
CEO Commentary
Matthew Flannery, chief executive officer of United Rentals, said, “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.”
2023 Outlook
United Rentals Inc (URI, Financial) reaffirmed its 2023 outlook. The company expects total revenue to be between $14.1 billion to $14.3 billion, and adjusted EBITDA to be between $6.775 billion to $6.875 billion.
Summary of Third Quarter 2023 Financial Results
Rental revenue increased 18.0% year-over-year to a third quarter record of $3.224 billion. Net income for the quarter increased 16.0% year-over-year to a third quarter record of $703 million. Adjusted EBITDA for the quarter increased 21.6% year-over-year to a third quarter record of $1.850 billion.
Capital Management
The company's net leverage ratio was 1.8x at September 30, 2023. Year-to-date through September 30, 2023, the company repurchased $750 million of common stock under its $1.25 billion share repurchase program and paid dividends totaling $305 million.
For more detailed information, please refer to the full earnings report.
Explore the complete 8-K earnings release (here) from United Rentals Inc for further details.
