Rental giant United Rentals has reported record rental revenues, up 18.8% in the last quarter of 2022. Used equipment sales were also up, increasing 26.2% year-over-year.

Releasing the financials, CEO Matthew Flannery says: “Our fourth quarter results capped an outstanding year, during which we set records for revenue, profitability, margins and returns. These achievements are a testament to our team’s commitment to our customers. With the Ahern integration on track, and a world-class combination of people, process and technology, we’re positioned to raise the bar again in 2023.”

Rental revenue for the quarter was a record USD2.747 billion, reflecting an increase of 18.8% year-over-year. The increase reflects the broad-based strength of demand across the end-markets served by the company. Year-over-year, fleet productivity increased 5.9% while average original equipment at cost increased 14.2%. The increases in rental revenue, fleet productivity and average OEC include the impact of the December 2022 Ahern Rentals acquisition.

Used equipment sales in the quarter increased 26.2% year-over-year. These sales generated USD409 million of proceeds.

Net income for the quarter increased 32.8% year-over-year to USD639 million.

Flannery also confirms that the company plans to resume the share repurchase program announced last year. The program paused through the initial phase of the integration of the  Ahern Rentals acquisition, which closed in December 2022. The company plans to begin the repurchase of USD1.0 billion of common stock during 2023.