United Rentals specialty segment revenue hits record high in Q3
Total revenue increased 15.7% YoY
United Rentals continued to benefit from robust commercial construction activity in the third quarter as its specialty segment business soared to new heights.
United opened 12 new specialty rental locations in Q3, with segment revenue rising 34.7% year over year to a record $1.7 billion, according to the company’s earnings materials today.
The equipment rental giant continues to capitalize on construction projects in energy, manufacturing, infrastructure and data centers, President and Chief Executive Matthew Flannery said during today’s earnings call.
United also remained focused on its “one-stop shop” business model comprising various technology and service offerings, Flannery said.
Stamford, Conn.-based United’s Q3 results included:
- Total revenue increased 15.7% YoY to $4.9 billion;
- Rental revenue rose 17.8% YoY to $4.3 billion;
- Sales of rental equipment rose 4.5% YoY to $348 million;
- New equipment sales declined 11.6% YoY to $84 million; and
- Fleet productivity jumped 6.5% YoY.
Despite increased CapEx spending, the company’s net income rose 31.2% YoY to $920 million.
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