United Rentals, Inc. (NYSE:URI) Q1 2024 Earnings Call Transcript

Ken Newman: Got it. That’s very helpful. My second question here is just on the gen rent equipment rental side. It just seemed like you saw a decent step down or moderation in the first quarter just on the equipment rental side. Was there anything specific there that drove that sequential step down or just more just the function of the fleet kind of returning back to more normalized cadence and seasonality?

Matthew Flannery: Yes, I mean, we did expect slower growth. As you could imagine, the gen rent business versus the specialty business, the growth, the headroom for specialty was much greater. And probably more importantly, the specialty business has a great opportunity with large customers and large projects to cross-sell into some of those that weren’t using these products. So we called out specifically the double digit growth in every one of our specialty segment product lines, which was great. And then the gen rent side, I would just say as expected that we talked about in January, just more disbursement than we’ve had historically. The good news is we put the fleet into places that we needed it, where the opportunity was the best.

And a lot of those are driven by some large projects as well. We’re going to make sure that we win with those customers. Those are choices that we make, and we got the fleet in the right places, and that’s why we’re able to drive good fleet productivity.

Ken Newman: Understood. Thanks.

Matthew Flannery: Thanks.

Operator: Thank you. And with no further questions in queue, I would like to turn the call back to Matt Flannery for any additional or closing remarks.

Matthew Flannery: Thank you, Operator. And to everyone on the call, we appreciate it. I’m glad you could join us today. And just to remind everybody, our Q1 Investor deck on our site with its latest updates. And as always, Elizabeth’s available to answer your questions. So I look forward to talking to you all in July. Until then, please stay safe. Operator, you can now end the call.

Operator: Thank you. This does conclude the United Rental’s first quarter 2024 earnings call. You may disconnect your line at this time, and have a wonderful day.