On Wednesday, United Rentals Inc. (NYSE: URI), Stamford, Connecticut, reported revenues of $2.06 billon in the first quarter with rental revenue accounting for $1.6 billion. The company’s net income was $203 million in Q1, which is 17.3% year-over-year increase.
Rental revenue for the quarter was down 6.5% year-over-year, but the company said it posted positive results in March. Used equipment sales in the quarter increased 28% year-over-year, due to a strong used equipment market.
“We were very pleased with our first quarter results and the strong start to our year, as our key end-markets continue to rebound from the challenges of 2020,” “said Matthew Flannery, CEO of United Rentals. “Sentiment among our customers continues to improve, and we are well prepared to support them as we enter the busiest part of our season.
“The recovery that we’ve seen since the middle of last year remains evident across our business, and virtually all indicators point to these trends continuing. As such, we are raising our full-year guidance to reflect our expectations for stronger growth in our core rental business and increased used equipment sales.”
United Rentals projects full-year revenue to fall in the range of $9.05 billion to $9.45 billion.
Earlier this month, United Rentals acquired Franklin Equipment LLC, which is a regional provider of equipment rentals, sales and related services in the Midwest and Southeast United States.