United Rentals revenue climbs 12% in Q2
Specialty segment revenue increased 25% YoY
United Rentals posted strong second-quarter results as it continued to capitalize on construction industry tailwinds while diversifying its business model.
The equipment rental company’s customers “remain optimistic, particularly around large projects, and we continue to exhibit strong cost discipline,” President and Chief Executive Matthew Flannery said during today’s Q2 earnings call.
“Our one-stop shop value proposition, coupled with our technology, service levels and an unwavering focus on safety and customer productivity continue to differentiate us in the industry,” he said.
United continues to see growth across its general and specialty rental businesses, with specialty segment revenue rising 25% year over year as the company opened 11 new specialty locations, Flannery said.
“By vertical, the trends of the first quarter carried into the second, namely construction posted strong growth led by nonresidential and infrastructure,” he said. “And on the industrial side, power continues to post double-digit growth, while metals and minerals also grew at a healthy rate.”
BY THE NUMBERS: Stamford, Conn.-based United Rentals reported these Q2 results:
- Total revenue increased 11.8% YoY to $4.4 billion;
- Rental revenue grew 12.7% YoY to $3.8 billion;
- Sales of rental equipment rose 4.1% YoY to $330 million;
- New equipment sales increased 14.7% YoY to $86 million;
- Fleet productivity rose 3.4% YoY; and
- Net income totaled $753 million, up 21.1% YoY.
Shares of United Rentals [NYSE: URI] rose 10.1% from market open to $1,139.71 as of market close today. It has a market capitalization of $71.4 billion.
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