United Rentals posted record second quarter financial result and raised its full year guidance on the expectation of continued strong demand from customers in the infrastructure, manufacturing, and energy and power sectors.

During the second quarter, net income rose 19.9% year on year to a second quarter record of USD591 million, while total revenue jumped 28.3% to USD3.554 billion, including a record second quarter rental revenue of USD2.981 billion.

United Rentals chief executive officer Matthew Flannery says the record second quarter results were the result of strong customer activity across the business. 

“The integration of Ahern is on track, while our team’s outstanding execution drove solid margin expansion both sequentially and year-over-year. 

“Looking at the balance of 2023, we remain encouraged by the momentum we are carrying into the busiest part of our season as well as our customers’ continued optimism.”

United Rentals increased its full year guidance to between USD14.0 billion to USD14.3 billion and earnings of USD6.75 billion to USD6.9 billion.

“The increases to our full-year guidance speak to the strength of the current environment,” Flannery says. 

“As we look ahead, we continue to focus on ensuring that we are best positioned to serve our customers as they capitalise on the multi-year tailwinds we see across infrastructure, manufacturing, and energy and power. 

“We remain confident in our ability to leverage these opportunities to deliver profitable growth, strong cash flow, and attractive returns for our shareholders.”