United Rentals reports quarterly revenue decrease; raises 2020 revenue outlook

United Rentals, Stamford, Conn., today reported $2.19 billion in total revenue during the 2020 third quarter, down from $2.49 billion in the 2019 third quarter. Rental revenue for the quarter was $1.86 billion, down compared to $2.15 billion last year.

Total revenue was $6.25 billion during the first nine months of 2020, down compared to $6.90 billion during the same time last year. Rental revenue during the first nine months was $5.29 billion, down from $5.90 billion in 2019.

“We’re pleased with our third quarter results, particularly our cost performance and the quarter-over-quarter improvement in fleet absorption. I am incredibly proud of our team as they continue to provide outstanding support to our customers, while maintaining a strong focus on safety and disciplined execution,” said Matthew Flannery, CEO, United Rentals.

“The recovery that we’ve seen since the spring has been evident in most of our markets with demand tracking to normal seasonal patterns. We expect current trends to continue and have raised our full-year 2020 outlook for revenue, profitability and free cash flow. While the pace of the recovery remains uncertain, we are encouraged by the steady improvements we are seeing. Most importantly, we remain confident in our ability to execute well under any market conditions,” Flannery said.

United Rentals expects to earn $8.35 billion to $8.45 billion in total revenue for 2020. Previously, the company expected to earn $8.05 billion to $8.45 billion in total revenue for 2020.