A solid increase in equipment rentals year-over-year has driven United Rentals to a good third quarter of 2021, the company has reported.
Total revenue of $2.596 billion through the period ending September 30, 2021 included rental revenue of $2.277 billion, an increase of 22.4 percent from the same period in 2020, United Rentals reported in its quarterly financial statement. Q3 of 2020 was strongly affected by the COVID-19 pandemic, and a steady recovery has helped the company's finances return steadily. Fleet productivity featured an increase of 13.5 percent year-over-year as well.
General rentals showed a 17.6-percent increase in 2021, while specialty rentals were up 36.4 percent. Used equipment sales decreased 8 percent from 2020, and net income for the quarter jumped 96.6 percent to $409 million.
Matthew Flannery, chief executive officer of United Rentals, said, "We were very pleased with our third quarter performance, with rental results coming in ahead of expectations as our team serviced our customers in a safe and efficient manner through the busiest part of our year. Importantly, the momentum we've experienced from the broad-based recovery of our end-markets supports our raising full year guidance for both total revenue and adjusted EBITDA. Our update also includes an increase to rental capex, reflecting incremental fleet we plan to purchase in the fourth quarter as we look to support growth next year."
Flannery continued, "While early in our planning process, virtually all key indicators point to a sustained recovery. At this same time, the industry has remained disciplined and our strategic partnerships with key suppliers will benefit the company as we invest in fleet to support our customers. Combined, this should position us to deliver strong growth, improved margins and attractive returns in 2022."
