United Rentals Narrows Outlook for 2024 Financial Year – Record Second Quarter Revenues Reported

United Rentals Updates 2024 Financial Forecast, Expects Revenue Growth

United Rentals, a leading equipment rental company, has announced revised financial guidance for the 2024 fiscal year, showcasing its optimism for long-term growth opportunities.

The company now anticipates revenue for the year to be in the range of $15 billion to $15.3 billion, a slight adjustment from its previous forecast of $14.95 billion to $15.45 billion. Similarly, EBITDA is expected to fall between $7.09 billion and $7.24 billion.

Despite these modifications, United Rentals remains committed to its capital expenditure plan of up to $2.3 billion for the year.

The company’s latest financial report highlighted a record-breaking performance in the second quarter of 2024, with rental revenues reaching $3.2 billion, signaling an 8% increase from the previous year. The general equipment rental segment saw modest growth, while the specialty segment experienced a significant 27% year-over-year increase, reaching $1 billion.

United Rentals attributed the growth in the specialty segment to its recent acquisition of temporary roadway rental businesses, Yak Access, Yak Mat, and New South Access & Environmental Solutions.

CEO Matthew Flannery expressed satisfaction with the company’s second-quarter results and reaffirmed its focus on providing exceptional rental services to customers. He emphasized the importance of safety, operational excellence, and innovation in driving long-term shareholder value.

Flannery expressed confidence in United Rentals’ ability to meet the updated financial guidance, citing a strong performance in large projects and the company’s positioning for future growth opportunities.

The acquisition of Yak also contributed to double-digit growth in the specialty segment, showcasing United Rentals’ strategic expansion efforts.