United Rentals Announces Enhanced Capital Allocation Strategy and Reaffirms 2019 Guidance
03 Junho 2019 - 8:30AM
Business Wire
United Rentals, Inc. (NYSE:URI), the world’s largest equipment
rental company, today announced that its board of directors has
approved an enhanced capital allocation strategy that remains
focused on balancing growth and returns. Specifically, the company
is lowering its targeted leverage range to 2.0x-3.0x, from
2.5x-3.5x. The company expects to end the year with a net leverage
ratio of approximately 2.5x versus a reported net leverage ratio of
2.9x as of March 31, 2019.
Matthew Flannery, chief executive officer of United Rentals,
said, "Over the last decade our capital allocation strategy has
served our company and our investors well. This change is
consistent with other actions we’ve taken to deploy our capital
with a balanced approach to grow our business, enhance our cash
flows and improve financial flexibility. The evolution of our
business, and the resulting durable cash flow, provides us the
further opportunity to both fully support our growth initiatives
and reduce our financial leverage.”
Jessica Graziano, chief financial officer of United Rentals,
said, "We remain focused on exercising strong capital stewardship
to drive sustainable shareholder value. Today’s announcement
reflects the culmination of an extensive six-month review of our
capital allocation strategy. We expect this change in leverage to
lower our beta and potentially unlock value for our shareholders
without hindering our ability to continue to invest in growth.”
Additionally, the company reaffirms its 2019 financial guidance.
The complete guidance is available under Investor Relations on
unitedrentals.com. The company also remains committed to completing
its current $1.25 billion share repurchase program.
The company looks forward to discussing these and other topics
with investors at the Melius Research Industrials Conference, on
June 4, 2019 and UBS Global Industrials and Transportation
Conference, on June 6, 2019, both in New York City.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in
the world. The company has an integrated network of 1,165 rental
locations in North America and 11 in Europe. In North America, the
company operates in 49 states and every Canadian province. The
company’s approximately 18,600 employees serve construction and
industrial customers, utilities, municipalities, homeowners and
others. The company offers approximately 4,000 classes of equipment
for rent with a total original cost of $14.09 billion. United
Rentals is a member of the Standard & Poor’s 500 Index, the
Barron’s 400 Index and the Russell 3000 Index® and is headquartered
in Stamford, Conn. Additional information about United Rentals is
available at unitedrentals.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995, known as the PSLRA. Forward-looking statements involve
significant risks and uncertainties that may cause results to
differ materially from those set forth in the statements. These
statements are based on current plans, estimates and projections,
and, therefore, you should not place undue reliance on them. No
forward-looking statement can be guaranteed, and actual results may
differ materially from those projected. United Rentals undertakes
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Forward-looking statements are not historical facts, but rather are
based on current expectations, estimates, assumptions and
projections about the business and future financial results of the
equipment rental industries, and other legal, regulatory and
economic developments. We use words such as “anticipates,”
“believes,” “plans,” “expects,” “projects,” “future,” “intends,”
“may,” “will,” “should,” “could,” “estimates,” “predicts,”
“potential,” “continue,” “opportunity,” “guidance,” “target,”
“strategy” and similar expressions to identify these
forward-looking statements that are intended to be covered by the
safe harbor provisions of the PSLRA. Actual results could differ
materially from the results contemplated by these forward-looking
statements due to a number of factors, including, but not limited
to: (1) a slowdown in North American construction and industrial
activities, which could reduce our revenues and profitability, (2)
challenges associated with past or future acquisitions, (3) our
significant indebtedness, which requires us to use a substantial
portion of our cash flow for debt service and can constrain our
flexibility in responding to unanticipated or adverse business
conditions, (4) fluctuations in the price of our common stock and
inability to complete stock repurchases in the time frame and/or on
the terms anticipated, and (5) other risks and uncertainties
described in the “Risk Factors” section of United Rentals’ Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and other
documents filed from time to time with the SEC. United Rentals
gives no assurance that it will achieve its expectations and does
not assume any responsibility for the accuracy and completeness of
the forward-looking statements.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties that affect United Rentals described in the “Risk
Factors” section of documents filed from time to time with the SEC.
All forward-looking statements included in this document are based
upon information available to United Rentals on the date hereof;
and United Rentals assumes no obligations to update or revise any
such forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190603005424/en/
Ted Grace(203) 618-7122Cell: (203) 399-8951tgrace@ur.com
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