Welcome to our dedicated page for United Rentals news (Ticker: URI), a resource for investors and traders seeking the latest updates and insights on United Rentals stock.
United Rentals, Inc. (NYSE: URI) is North America's largest equipment rental company, with over 880 stores across the United States and Canada. The company caters to a diverse clientele, including construction and industrial firms, municipal entities, utilities, homeowners, and communities. Their aim is to meet customer needs while exceeding expectations through their extensive rental fleet and specialized solutions.
Since its inception in 1997, United Rentals has expanded through organic growth and numerous acquisitions, establishing itself as a market leader with a fleet valued at $21 billion. Initially focusing on intermittently used equipment like aerial lifts and generators, the company’s offerings now include a wide array of specialty equipment available for indefinite rental periods.
One of the company's notable recent achievements is the acquisition of Yak Access, LLC, a leader in the North American matting industry, for approximately $1.1 billion. This move, expected to close in the first quarter of 2024, will bolster United Rentals' offerings in surface protection for construction and maintenance applications. Yak's fleet includes approximately 600,000 mats, serving primarily utility and midstream clients.
United Rentals prides itself on being more than just an equipment provider. They offer best-in-class specialty solutions, safety training, and 24/7 support to ensure customer success. This dedication to service is paralleled by their continued investment in digital tools and R&D to enhance customer experience and product longevity.
With a roughly 17% market share in a fragmented sector, United Rentals stands out not only for its scale but also for its commitment to safety, operational excellence, and strong customer relationships. The company is consistently adapting to market demands, as demonstrated by its strategic acquisitions and tailored service offerings.
For more updates, follow United Rentals on their social media platforms: Twitter, Facebook, Google+, and YouTube.
United Rentals (NYSE: URI) has launched a new Excavation Safety Training for Competent Persons Program, offering an interactive approach to trench and excavation safety education. The program helps workers understand and apply OSHA Standard 29 CFR Part 1926 Subpart P through multiple learning formats including in-person classes, virtual sessions, and e-learning.
The training features virtual reality simulations, hazard hunts, and includes the United Rentals Trench Safety app. With over 92 trench safety locations and North America's largest shoring equipment fleet, United Rentals provides comprehensive underground solutions, OSHA-compliant protective systems, and consultation services for construction companies.
United Rentals (NYSE: URI) has received two prestigious recognitions for its veteran employment initiatives: the 2024 HIRE Vets Medallion Platinum Award and 2025 Military Friendly® Employer Gold recognition. The company earned multiple Military Friendly awards, including distinctions for Military Spouse Friendly Employer, Supplier Diversity Program, and Brand excellence.
The awards acknowledge United Rentals' comprehensive approach to veteran recruitment, employment, and retention. The company provides veteran-specific resources, leadership programming, dedicated HR efforts, competitive pay, and tuition assistance. A significant portion of United Rentals' workforce has military background, demonstrating their commitment to supporting veterans' transition to civilian careers.
United Rentals (URI) reported record third quarter 2024 results with total revenue of $3.992 billion, including rental revenue of $3.463 billion. Net income reached $708 million with a margin of 17.7%. The company achieved GAAP diluted EPS of $10.70 and adjusted EPS of $11.80. Fleet productivity increased 3.5% year-over-year, or 1.9% excluding the Yak acquisition impact. Year-to-date, URI returned $1.451 billion to shareholders through share repurchases and dividends. The company reaffirmed its mid-point 2024 guidance while narrowing ranges for key metrics.
United Rentals, Inc. (NYSE: URI) has introduced ProBox OnDemand, a Bluetooth-enabled automated tool tracking system designed to enhance worksite productivity and protect project profits. This innovative solution uses Bluetooth asset tracking tags affixed to tools stored in a patent-pending tool storage box, providing real-time visibility and accountability for tool usage, locations, and inventory levels.
ProBox OnDemand offers several key benefits:
- Ensures workers have the right tools when and where needed
- Significantly reduces worksite tool loss
- Automates tool tracking, moving beyond ineffective manual systems
- Manufacturer-agnostic, compatible with rental tools from any manufacturer
- Requires PIN or RFID-connected badge for access, recording tool removal
- Generates utilization data to help control tool spending and optimize inventories
As part of United Rentals' Worksite Performance portfolio, ProBox OnDemand aims to create connected worksites that drive safety, productivity, and sustainability objectives.
United Rentals (NYSE: URI) has announced its participation in the Morgan Stanley 12th Annual Laguna Conference on September 11, 2024. The company's CEO, Matt Flannery, and CFO, Ted Grace, will deliver a presentation at 2:35 p.m. PT (5:35 p.m. ET). This event provides an opportunity for investors and analysts to gain insights into United Rentals' business strategy and financial performance.
The presentation will be accessible via a live webcast, allowing interested parties to tune in remotely. This participation in a major financial conference demonstrates United Rentals' commitment to maintaining open communication with the investment community and showcasing its market position in the equipment rental industry.
Platinum Equity has sold BluRoc to Mollitiam Holdings, marking the final exit of its Yak Access investment. BluRoc, a provider of temporary and permanent access solutions, was previously part of Yak Access, which Platinum Equity sold to United Rentals (NYSE: URI) for $1.1 billion in March. The sale of BluRoc follows Platinum Equity's successful six-year ownership, during which the company navigated challenges like COVID-19 and oil market fluctuations. Jamie Moncur, BluRoc's President, expressed gratitude for Platinum Equity's support and excitement about future opportunities with Mollitiam Holdings.
United Rentals (NYSE: URI) has announced a quarterly cash dividend of $1.63 per share of common stock. The dividend is set to be paid on August 28, 2024, to shareholders of record as of the close of business on August 14, 2024. This declaration by the Board of Directors demonstrates United Rentals' commitment to returning value to its shareholders through regular dividend payments.
United Rentals (NYSE: URI) reported record second quarter results for 2024, with total revenue of $3.773 billion and rental revenue of $3.215 billion. The company achieved net income of $636 million, a 7.6% year-over-year increase, with a margin of 16.9%. Adjusted EBITDA reached $1.769 billion, up 4.4% year-over-year, with a margin of 46.9%.
URI reaffirmed the mid-points of its 2024 guidance while narrowing the outlook ranges for revenue and adjusted EBITDA. The company reported strong performance in both general rentals and specialty rentals segments, with the latter benefiting from the Yak acquisition. Fleet productivity increased by 4.6% year-over-year, or 3.0% excluding the Yak acquisition impact.
United Rentals' training arm, United Academy, celebrates its 10th anniversary as the industry's largest training program. Over the past decade, it has trained over 730,000 people with more than 100 full-time certified trainers. United Academy offers a wide range of OSHA-compliant training courses and certifications, including equipment operator certification, fall protection, and worksite safety.
Training is available through various formats: classroom, blended learning, online (eLearning and virtual), and can be completed at customer locations or at 486 participating United Rentals locations across the U.S. and Canada. Many courses are offered in English, Spanish, and French. United Academy's focus on tailoring programs to customer needs has enabled it to build unmatched training services in the industry, promoting safer and more productive worksites.
United Rentals (NYSE: URI) will conduct its second quarter 2024 earnings conference call on July 25, 2024, at 8:30 a.m. ET, featuring CEO Matt Flannery and CFO Ted Grace. The live audio webcast can be accessed at unitedrentals.com, where it will remain archived until the next earnings call. Those wishing to participate can also dial in using the provided numbers. The company's Q2 2024 press release will be available on July 24, 2024, after the market close.
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