United Rentals said first quarter total revenue increased to $2.1 billion, but rental revenue decreased 0.7 percent to $1.8 billion, citing Covid-19 effects.
Fleet productivity decreased 1.2 percent for the period. Used equipment sales were up, and brought in $208 million for the quarter.
The general rentals segment of the business decreased 2 percent in revenue, and the specialty segment increased 4.6 percent.
The company joined others in the industry that are withdrawing guidance on the remainder of the year. “The operational and financial impacts on the company from the continuing, severe economic disruption caused by Covid-19 are uncertain at this time,” according to a press release. “The company will continue to assess the impact of Covid-19 on the company’s operations and will next provide guidance when it can reasonably estimate the pandemic’s impact on business.”
Matthew Flannery, CEO, said in a statement:
“Our business tracked as we expected through early March, when the outlook for 2020 became far more uncertain due to the pandemic. While we’ve withdrawn our guidance at this time, we’re confident in our ability to leverage the resiliency inherent in our business model. We’re in the strongest position in our history to respond to this crisis and to prepare for the recovery to come.”
Source: United Rentals
