Description
United Rentals’ Infrastructure Playbook: How the IIJA Is Driving Solid Demand!
United Rentals reported its third-quarter results, showcasing some notable achievements alongside challenges that could impact its future performance. The company experienced record revenue and adjusted EBITDA due to robust demand, particularly from large projects and key verticals. Total revenue increased by 5.9% year-over-year to $4.2 billion, with rental revenue rising by 5.8% to $3.7 billion. The adjusted EBITDA surpassed $1.9 billion, yielding a margin of 46%, while adjusted EPS stood at $11.70. Despite these positive financial metrics, the results also revealed areas of concern, particularly in cost management. The company’s growth was driven primarily by the continuing strength in both General Rental and Specialty businesses. Specialty rentals recorded a significant 11% year-over-year increase, benefiting from an expansion strategy that included opening 18 new branches this quarter, adding to the 47 cold starts year-to-date.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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