United Rentals, Inc.

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SKU: URI-1 Category:

Description

United Rentals, Inc. delivered an all-around beat in the most recent quarterly result, witnessing a substantial 23% year-over-year surge in total revenue, reaching an unprecedented $3.8 billion. The rental revenue experienced an 18% boost, showcasing robust growth across various verticals, regions, and customer segments. Fleet productivity also demonstrated a noteworthy 1.5% increase on a pro forma basis. The company’s Adjusted EBITDA soared by 22%, achieving a third-quarter high of $1.85 billion, resulting in a margin exceeding 49%. Delving into the specifics, used equipment sales more than doubled year-over-year to $366 million, reflecting normalized volumes and fleet optimization after holding back in 2022. Regarding the Ahern integration, as the first anniversary approaches, progress remains on track, underscoring the quality of the integrated team. The strategic addition of personnel is highlighted as a key factor in successfully assimilating companies into United Rentals. Key verticals saw significant client activity and demand expansion, particularly in industrial manufacturing, metal and mining, and electricity. Non-residential construction witnessed a 9% year-over-year growth. They further introduced an ‘Estimated Emissions’ dashboard that allows customers to project carbon emissions from rented equipment, considering past, present, and future equipment use.

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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