Sunbelt Rentals specialty revenue climbs 24.5%
Total revenue hit record $3.1B in fiscal Q1
Sunbelt Rentals posted record revenue in its fiscal first quarter as it continued to grow its specialty equipment and general tool segments amid construction tailwinds.
The equipment rental company’s Q1 performance was “underpinned by disciplined execution and strong demand across a diverse range of end markets, including mega projects, energy, live events, industrial and non-construction [maintenance and repair], complemented by another quarter of stability and demand in our local non-residential construction markets,” Chief Executive Brendan Horgan stated in today’s earnings release.
“Notably, rental revenue growth was present throughout our small and medium-sized customer base, with outsized growth from our large and strategic customers demonstrating the strength of our leading position, and breadth of expertise and solutions,” he said.
Fort Mill, S.C.-based Sunbelt reported these results for its fiscal Q1 ending July 31:
- Total revenue rose 11.2% YoY to $3.1 billion;
- Equipment rental revenue increased 12.5% YoY to $2.9 billion;
- Rental equipment sales decreased 17.5% YoY to $85 million;
- North American general tool segment revenue rose 5.7% YoY to $1.7 billion; and
- North American specialty segment revenue jumped 24.5% YoY to $1.1 billion.
Sunbelt increased its full-year guidance after the quarter and now expects total revenue to grow between 6% and 9% for the fiscal year, up from its previous forecast of 4.5% to 7.5%.
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