United Rentals said equipment rentals revenue for Q1 2024 (3 months) rose to $2.929 billion, up $189 or 6.9%, and that equipment rentals made up 84% of total revenue. The company cited a 4.0% increase in fleet productivity and a 3.6% increase in average OEC as the drivers.

10-QQuarterly reportFiled Apr 24, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

United Rentals said equipment rentals revenue for Q1 2024 (3 months) rose to $2.929 billion, up $189 or 6.9%, and that equipment rentals made up 84% of total revenue. The company cited a 4.0% increase in fleet productivity and a 3.6% increase in average OEC as the drivers.
The company said it issued $1.1 billion of 6 1/8% Senior Notes due 2034 in March 2024, and that the proceeds, together with drawings on its ABL facility, funded the Yak acquisition. It also said it used $1.118 billion for other company acquisitions during the quarter.
United Rentals said free cash flow for Q1 2024 (3 months) was $869, up $391 from $478 a year earlier. The company cited a decrease of 69% in net rental equipment capital expenditures, to $281, and higher operating cash flow as factors.
The company said it used $415 for share repurchases and $110 for dividends ($1.63 per share) in Q1 2024 (3 months). It said it had repurchased $125 under the $1.5 billion program through March 31, and that its Board of Directors declared a quarterly dividend of $1.63 per share on April 24, 2024.

Key figures

Quarter ended March 31, 2024

Revenue: $3.5B
Operating income: $852M
Net income: $542M
EPS: $8.04
Gross profit: $1.3B
Operating cash flow: $1.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Equipment Rental Revenue Rises

United Rentals said equipment rentals revenue for Q1 2024 (3 months) rose to $2.929 billion, up $189 or 6.9%, and that equipment rentals made up 84% of total revenue. The company cited a 4.0% increase in fleet productivity and a 3.6% increase in average OEC as the drivers.

Source · Based on the MD&A text of the filing

Yak Acquisition and Senior Unsecured Notes Issuance

The company said it issued $1.1 billion of 6 1/8% Senior Notes due 2034 in March 2024, and that the proceeds, together with drawings on its ABL facility, funded the Yak acquisition. It also said it used $1.118 billion for other company acquisitions during the quarter.

Source · Based on the MD&A text of the filing

Free Cash Flow and Net Rental Equipment Spending

United Rentals said free cash flow for Q1 2024 (3 months) was $869, up $391 from $478 a year earlier. The company cited a decrease of 69% in net rental equipment capital expenditures, to $281, and higher operating cash flow as factors.

Source · Based on the MD&A text of the filing

Share Repurchases and Dividends

The company said it used $415 for share repurchases and $110 for dividends ($1.63 per share) in Q1 2024 (3 months). It said it had repurchased $125 under the $1.5 billion program through March 31, and that its Board of Directors declared a quarterly dividend of $1.63 per share on April 24, 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.