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● United Rentals United Rentals Announces Second Quarter 2021 Results and Raises 2021 Guidance United Rentals , Inc. 100 First Stamford Place Suite 700 Stamford , CT 06902 Telephone : 203 622 3131 Fax : 203 622 6080 unitedrentals.com STAMFORD , Conn . - July 28 , 2021 – United Rentals , Inc. ( NYSE : URI ) today announced financial results for the second quarter of 2021 and raised its full - year 2021 guidance . Second Quarter 2021 Highlights Total revenue of $ 2.287 billion , including rental revenue¹ of $ 1.951 billion . Fleet productivity² increased 17.8 % year - over - year ; fleet productivity improved by over 1,800 basis points sequentially , driven primarily by better fleet absorption . Net income of $ 293 million , implying a net income margin³ of 12.8 % . GAAP diluted earnings per share of $ 4.02 , and adjusted EPS³ of $ 4.66 , including approximately $ 0.13 of one - time costs related to acquisitions . Adjusted EBITDA³ of $ 999 million , implying an adjusted EBITDA margin³ of 43.7 % , which includes approximately $ 13 million of one - time costs related to recent acquisition activity . $ 1.934 billion of net cash from operating activities year - to - date ; free cash flow of $ 1.162 billion , including gross rental capital spending of $ 1.208 billion . Net leverage ratio of 2.5x , with total liquidity5 of $ 2.826 billion , at June 30 , 2021 . CEO Comment Matthew Flannery , chief executive officer of United Rentals , said , " We were pleased with our second quarter results , which were in line with our expectations and reflected a continued recovery across our construction and industrial markets . I continue to be proud of the job our team does every day to safely support our customers as their activity levels rebound . " Flannery continued , " Looking forward , we remain encouraged by the gains we've seen in end - market indicators , including our customers ' sentiment and project visibility . We are raising our guidance to reflect the expected contribution from our recently completed acquisitions , as well as accelerated momentum in our underlying business . Combined , we believe this positions us well to deliver strong growth and returns in the second half of the year . " 1. Rental revenue includes owned equipment rental revenue , re - rent revenue and ancillary revenue . 2. Fleet productivity reflects the combined impact of changes in rental rates , time utilization and mix on owned equipment rental revenue . See the table below for more information .