Third-quarter revenues were $3.765 billion for United Rentals, up 23% over the $3.051 billion recorded in Q3 2022. Rental contributed $3.224 billion in the quarter up 18% from the $2.732 reported in the same period a year ago.
The numbers reflected broad-based strength of demand across the company’s end-markets and the impact of the Ahern Rentals acquisition, according to URI. Consistent with the second quarter, fleet productivity declined 2.2% year-over-year, and average original equipment at cost (OEC) increased 22.2%. On a pro forma basis, rental revenue increased 9.8% year-over-year, supported by a 10.2% increase in average OEC and a 1.5% increase in fleet productivity, which was also consistent with last quarter.
Used equipment sales in the quarter increased 102.2% year-over-year, primarily reflecting the normalization of volumes and the impact of the Ahern Rentals acquisition. Used equipment sales generated $366 million compared to $181 million for the same period last year.
Average fleet age declined to 51.6 months as of September 30, 2023.
Source: United Rentals
