United Q2 revenues on par with pre-pandemic levels
By Lindsey Anderson28 July 2021
United Rentals has announced its second quarter total revenues were $2.287 billion for the three months leading to June 30, with equipment rentals accounting for more than 85% of that figure at $1.951 billion. Year-over-year, equipment rental revenues were up 18.8% for the world’s largest equipment rental company.
United also announced updated 2021 guidance, raising its total revenue outlook to $9.45-$9.75 billion from the previous outlook of $9.05-$9.45 billion. Fleet productivity for the rental company was also up 17.8% year-over-year.
“We were pleased with our second quarter results, which were in line with our expectations and reflected a continued recovery across our construction and industrial markets,” said United’s CEO Matthew Flannery.
“Looking forward, we remain encouraged by the gains we’ve seen in end-market indicators, including our customers’ sentiment and project visibility. We are raising our guidance to reflect the expected contribution from our recently completely acquisitions, as well as accelerated momentum in our underlying business. Combined, we believe this positions us well to deliver strong growth and returns in the second half of the year.”
Looking back at 2019, United’s Q2 total revenues were $2.29 billion with equipment rentals making up $1.96 billion of that total, indicating the company is nearly back to pre-pandemic activity and demand levels.
Used equipment sales for 2021 Q2 accounted for $194 million, up 10.2% year-over-year, while the company’s general rentals segment saw a 16.8% increase in rental revenue to $1.466 billion for the quarter.
KHL will update this story with more market information following United’s investors call on July 29.