United Rentals reported record third-quarter results and raised its full-year outlook, with total revenue up 16% year over year to $4.9 billion and rental revenue up 18% to a record $4.3 billion, driven by large projects across construction, infrastructure, energy, manufacturing and data-center markets. Adjusted EBITDA reached a record $2.3 billion, with the margin expanding 160 basis points to 47.6%, and adjusted EPS rose 33% to a record $15.55. Specialty rental revenue grew 35%, and the company opened 12 specialty locations in the quarter, bringing its year-to-date total to 40. United Rentals spent $1.8 billion on gross rental capital expenditures in the third quarter, bringing year-to-date spending to $4.7 billion, and expects to sell about $2.8 billion of original equipment cost for the full year. Management described local markets as stable and said large projects remain the main growth driver.
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