NYSE$URI
United Rentals Inc · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
Announced third quarter results and raised full-year guidance.
United Rentals announced strong third quarter results, driven by cost performance and improved fleet absorption, and raised its full-year 2020 guidance for revenue, profitability and free cash flow.
- Total revenue of $2.187 billion, including rental revenue of $1.861 billion.
- Fleet productivity decreased 8.0% year-over-year, but improved sequentially by 560 basis points.
- Net income of $208 million, with GAAP diluted earnings per share of $2.87, and adjusted EPS of $5.40.
- Adjusted EBITDA of $1.081 billion, implying an adjusted EBITDA margin of 49.4%.
Headline financials
Revenue & EPS history
United Rentals · Revenue · Quarterly
$2.19B
Revenue by segment
United Rentals · $1.86B total across 2 segments · Q3 2020
- General Rentals$1.39B-15.3%74.7%
- Specialty Rentals$470M-6.9%25.3%
Forward guidance
The company raised its full-year 2020 outlook for revenue, profitability and free cash flow.
Tailwinds
- Total revenue between $8.35 billion and $8.45 billion.
- Adjusted EBITDA between $3.825 billion to $3.875 billion.
- Net rental capital expenditures after gross purchases between $100 million to $150 million, after gross purchases of $900 million to $950 million.
- Net cash provided by operating activities between $2.45 billion to $2.55 billion.
- Free cash flow (excluding the impact of merger and restructuring related payments) between $2.2 billion to $2.3 billion.
Headwinds
- Uncertainty regarding the length of time it will take to slow the spread of COVID-19.
- The extent to which businesses in and associated with the construction industry continue to be deemed “essential”.
- The impact of global economic conditions and public health crises and epidemics, such as COVID-19, on us, our customers and our suppliers.
- The possibility that companies that we have acquired or may acquire, could have undiscovered liabilities or involve other unexpected costs, may strain our management capabilities or may be difficult to integrate.
- The cyclical nature of our business, which is highly sensitive to North American construction and industrial activities.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2020
+3.1%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+4.7%
Avg return
30 days after
70%
46 / 66 earnings
Positive
+25.8%
Q1 2026
Best reaction
-19.9%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +25.8% | +19.9% | +16.9% | |
| Q4 2025 | -7.9% | -12.2% | -7.0% | |
| Q3 2025 | -7.8% | -11.7% | -19.3% | |
| Q2 2025 | -1.4% | -2.1% | +1.8% | |
| Q1 2025 | +9.9% | +7.0% | +18.8% | |
| Q4 2024 | +2.1% | -0.6% | -15.3% | |
| Q3 2024 | -2.7% | -2.7% | +0.2% | |
| Q2 2024 | +1.4% | +0.1% | +0.1% | |
| Q1 2024 | +4.5% | +7.8% | +1.8% | |
| Q4 2023 | +12.7% | +12.1% | +13.9% | |
| Q3 2023 | -0.6% | +1.1% | +15.0% | |
| Q2 2023 | -2.0% | +3.2% | -0.2% | |
| Q1 2023 | -5.3% | -4.2% | -7.1% | |
| Q4 2022 | +9.6% | +8.9% | +14.4% | |
| Q3 2022 | +1.2% | +7.0% | +21.7% | |
| Q2 2022 | +10.4% | +15.7% | +10.9% | |
| Q1 2022 | +5.4% | +1.6% | -1.6% | |
| Q4 2021 | +3.7% | +3.8% | +2.6% | |
| Q3 2021 | +2.8% | +7.3% | +1.4% | |
| Q2 2021 | -1.3% | -0.1% | +8.7% | |
| Q1 2021 | +0.8% | -0.9% | +2.8% | |
| Q4 2020 | +2.2% | +2.0% | +19.8% | |
| Q3 2020 | -0.9% | +10.2% | +33.2% | |
| Q2 2020 | -0.9% | +0.8% | +15.3% | |
| Q1 2020 | +10.3% | +0.2% | +19.2% | |
| Q4 2019 | -5.9% | -7.3% | -12.0% | |
| Q3 2019 | +6.0% | +7.4% | +27.9% | |
| Q2 2019 | -12.0% | -14.2% | -21.5% | |
| Q1 2019 | +7.9% | +7.5% | +0.2% | |
| Q4 2018 | +4.3% | +5.5% | +15.7% | |
| Q3 2018 | -16.4% | -18.6% | -18.6% | |
| Q2 2018 | +2.9% | -1.9% | -1.1% | |
| Q1 2018 | -5.2% | -7.8% | -4.3% | |
| Q4 2017 | -2.1% | -2.9% | -3.6% | |
| Q3 2017 | +0.7% | -1.3% | +4.7% | |
| Q2 2017 | +4.3% | +0.8% | -4.8% | |
| Q1 2017 | -5.5% | -5.3% | -8.1% | |
| Q4 2016 | +11.8% | +13.3% | +9.3% | |
| Q3 2016 | +3.5% | +0.2% | +19.0% | |
| Q2 2016 | +12.2% | +15.3% | +18.1% | |
| Q1 2016 | +6.1% | — | — | |
| Q4 2015 | -19.9% | — | — | |
| Q3 2015 | +11.6% | — | — | |
| Q2 2015 | -15.0% | — | — | |
| Q1 2015 | -3.1% | — | — | |
| Q4 2014 | +1.8% | — | — | |
| Q3 2014 | +7.8% | — | — | |
| Q2 2014 | +2.2% | — | — | |
| Q1 2014 | +5.6% | — | — | |
| Q4 2013 | +2.2% | — | — | |
| Q3 2013 | +7.9% | — | — | |
| Q2 2013 | +7.9% | — | — | |
| Q1 2013 | +1.1% | — | — | |
| Q4 2012 | +0.5% | — | — | |
| Q3 2012 | +17.3% | — | — | |
| Q2 2012 | -13.4% | — | — | |
| Q1 2012 | +10.4% | — | — | |
| Q1 2011 | +13.5% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q4 2011 | +0.6% | — | — | |
| Q3 2010 | +14.7% | — | — | |
| Q3 2011 | +14.7% | — | — | |
| Q4 2010 | +11.3% | — | — | |
| Q2 2010 | +11.3% | — | — | |
| Q2 2011 | +11.3% | — | — | |
| Q1 2010 | +16.6% | — | — |
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