United Rentals Inc. (NYSE: URI), Stamford, Connecticut, reported sales for 2020 of $7.1 billion, down 10.3% compared to 2019. Profit of $890 million was down 24.2% compared with a year ago.
“Results for the fourth quarter exceeded our expectations, driven by stronger rental volume and robust used equipment sales,” said Matthew Flannery, CEO of United Rentals. “We are encouraged by the momentum this gives us going into 2021.
“Our guidance reflects an improvement in customer sentiment as the economy continues to heal, and our own confidence in our ability to execute. After lapping a challenging comp in the first quarter, we expect to pivot back to growth through the remainder of the year, which, together with continued cost discipline, will deliver strong profitability. We anticipate another robust year of free cash flow generation, after significantly increasing our capex to support growing demand.”
In the fourth quarter, sales of $1.9 billion were down 10.1% compared to the year-ago period. Profit of $297 million was down 12.1% compared with a year ago.