United Rentals, Inc. reports news on its equipment rental business serving construction, industrial, utility, municipal and homeowner customers. Company updates commonly cover rental revenue, fleet productivity, adjusted EBITDA, guidance, capital allocation and quarterly dividends, along with activity across general rentals and specialty rental offerings.
Recurring developments also include digital and jobsite tools such as Worksite Performance Solutions, United Academy training programs, the Equipment Agent AI assistant and telematics integrations. Governance updates, board composition and investor conference participation appear alongside operating results and customer-focused safety initiatives.
United Rentals, Inc. (NYSE: URI) has appointed Francisco J. Lopez-Balboa to its board of directors, expanding the board to 11 members with nine independent directors. His extensive background in finance and operational leadership is expected to bring valuable insights to the company's growth strategy. Lopez-Balboa has over 30 years of experience, including roles as CFO at Cumulus Media and Univision Communications, and a long tenure at Goldman Sachs. He holds an MBA from Harvard and a bachelor’s in economics from Columbia.
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United Rentals has announced a new partnership to purchase JCB's HTD-5E E-Dumpsters, the first high-volume fully electric dumpsters in the equipment rental industry. This move positions United Rentals as a leader in sustainable construction practices, providing low-emission equipment to North American customers. The HTD-5E can carry up to 1,102 lbs and operates on a lithium-ion battery for a full day. United Rentals aims to reduce greenhouse gas emissions intensity by 35% by 2030.
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United Rentals reported strong financial results for Q2 2022, with total revenue reaching $2.771 billion and a net income of $493 million, marking a year-over-year increase of 68.3%. The company raised its full-year revenue guidance to $11.4 billion to $11.7 billion and adjusted EBITDA to $5.4 billion to $5.55 billion. Fleet productivity improved by 11.3%, and free cash flow stood at $964 million. The company achieved a net leverage ratio of 2.0x and has $2.83 billion in liquidity as of June 30, 2022.
United Rentals, Inc. (NYSE: URI) released its tenth Corporate Responsibility Report, showcasing achievements in 2021 under the theme 'Work United™: Building a Sustainable Future Together.' Key highlights include a 17% reduction in U.S. OSHA recordable incidents, diverse employees occupying 31.3% of sales and management roles, and spending around $1 billion with diverse suppliers. Furthermore, 2022 commitments encompass purchasing over 500 electric vehicles and striving for a 35% reduction in greenhouse gas emissions by 2030. The report aligns with GRI guidelines, SASB index, and TCFD recommendations.
United Rentals, Inc. (NYSE: URI) has partnered with Turner Construction to provide sustainable solutions, including all-electric trucks and zero-emission power systems, for a hyperscale data center project in Kansas City, Missouri, for Meta. The initiative aims to reduce environmental impact and support the goal of net-zero emissions by 2030. The equipment includes the Ford F-150 Lightning with a range of 320 miles and a 9.6kW Pro Power onboard generator. This collaboration will also help United Rentals identify more projects for emissions-saving solutions.
United Rentals, Inc. (NYSE: URI) will host its second quarter 2022 conference call on Thursday, July 28, 2022 at 11:00 a.m. ET, featuring CEO Matt Flannery and CFO Jessica Graziano. The second quarter press release will be available after market close on July 27. Interested parties can join the call by dialing 800-459-5343 domestically or 203-518-9553 internationally with passcode 19728. The call will also be webcast and archived on unitedrentals.com.
United Rentals, Inc. (NYSE: URI) announced the departure of CFO Jessica Graziano effective July 29, 2022, for another opportunity. She joined the company in 2014 and became CFO in 2018, ensuring a transition to interim CFO Ted Grace, who has been with the firm since 2016. CEO Matthew Flannery acknowledged Graziano's leadership during significant growth and macro disruptions. United Rentals remains the largest equipment rental company globally, with 1,301 locations and approximately 20,850 employees across North America, Europe, Australia, and New Zealand.
United Rentals, Inc. (NYSE: URI) has announced a significant partnership with Ford Pro to enhance its fleet with all-electric vehicles, including orders for 500 F-150 Lightning trucks and 30 E-Transit vans. The electric trucks feature a maximum range of 320 miles and a towing capacity of 10,000 lbs. The company aims to help customers reduce greenhouse gas emissions, targeting a 35% reduction by 2030 from 2018 levels. Deliveries are expected in 2022, with a plan to provide charging solutions for these vehicles.