The following is a summary of the United Rentals, Inc. (URI) Q1 2024 Earnings Call Transcript:
Financial Performance:
United Rentals reported Q1 revenue of $3.5 billion, marking a 6% increase year-over-year.
The company exhibited rental revenue growth of 7% and fleet productivity of 4%.
The record adjusted EBITDA was $1.6 billion with a margin standing at 45.5%.
Adjusted EPS was up by 15% at $9.15 this quarter.
A reported expenditure of $595 million was made on rental CapEx, resulting in a free cash flow of $860 million.
$485 million was returned to shareholders via shares buybacks and dividends.
Business Progress:
United Rentals has been making strategic moves; expanding its product offerings, investing in tech to enhance customer experience and initiating new start-ups.
The acquisition of Yak has added more capabilities to their platform, a strategic move expected to fuel growth in 2024.
Their four main areas of growth include mobile storage and ROS segment.
The company aims to become a 'one-stop-shop' for customers and plans to grow by expanding product lines within existing business and exploring new categories.
While growing, United Rentals has also returned substantial capital to shareholders, maintained a strong balance sheet, and upkeep their targeted leverage range.
More details: United Rentals IR
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