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United Rentals’ Record Quarter — Will Higher Fuel And Delivery Costs Matter?

United Rentals reported strong second quarter results, establishing new records in total revenue, rental revenue, EBITDA, and adjusted earnings per share. Total revenue increased 12% year-over-year to $4.4 billion, driven by a nearly 13% increase in rental revenue to $3.8 billion. Fleet productivity improved 3.4%, contributing to operating equipment rental (OER) growth of 9%. Adjusted EBITDA reached just over $2 billion, with a margin of 46.6%, while adjusted EPS grew 22% to $12.76. The company’s diversified exposure across end markets, including construction, industrial power, metals and minerals, as well as specialty businesses, contributed to this performance. Specialty rental revenues grew 25% year-over-year, fueled by growth across all lines of business and 11 cold starts. United Rentals sold $624 million of off-lease equipment (OEC) in the quarter at a 53% recovery rate and expects used fleet sales of approximately $2.8 billion for the year. Gross rental capital expenditures were $2.