STAMFORD, Conn. - United Rentals , Inc. (NYSE: NYSE:URI), the world's largest equipment rental company, has observed a significant uptake of its digital tools among customers, with over 70% of its Q1 2024 revenues generated from users engaging with its digital platforms.
These tools, which include Total Control®, the United Rentals Mobile App™, and the company's online marketplace, are designed to enhance safety, productivity, and sustainability for clients managing rental equipment.
The digital platforms provided by United Rentals allow customers comprehensive management of their equipment rental experience. This includes a variety of tasks such as equipment rental, real-time delivery tracking, service call placement, equipment off-rent notifications, and payment processing. A key feature of these tools is the use of telematics to monitor equipment usage, enabling customers to optimize their fleet size and utilization on projects.
Total Control, a cloud-based solution, offers visibility into worksite management with the aim of boosting productivity and tracking greenhouse gas (GHG) emissions. United Rentals boasts the highest number of telematics-enabled equipment in the industry, with over 375,000 units.
Paul Maddison, Director of Digital Innovation at United Rentals, emphasized the company's commitment to simplifying the customer experience through digital innovation, including providing timely alerts and notifications throughout the rental process.
In the past year, United Rentals has introduced new capabilities and enhancements to its digital experience. These include the ability to manage payments, customize notifications, view equipment availability and substitutions, manage equipment access, and access order history through both the mobile app and website.
Ty Campbell, Director of Customer Success, highlighted the value of digital tools in providing industry benchmarks and partnering with clients to drive positive outcomes.
United Rentals operates 1,520 rental locations across North America and additional locations in Europe, Australia, and New Zealand. The company serves a variety of customers, from construction and industrial sectors to utilities and homeowners. It offers a vast range of equipment classes and is a member of several major stock indices.
This report is based on a press release statement from United Rentals, Inc.
InvestingPro Insights
United Rentals, Inc. (NYSE: URI) has been making headlines not only for its innovative digital tools but also for its financial performance. In the last twelve months as of Q1 2024, United Rentals reported a robust revenue growth of 17.17%, underlining the company's strong market position and the effectiveness of its digital strategy.
The company's commitment to digital innovation is reflected in its financials, with a Gross Profit Margin of 41.3%, showcasing its ability to translate revenues into substantial profits.
The company's stock has experienced a remarkable price total return of 112.44% over the past year, which is a testament to investor confidence and the company's growth prospects. This performance is further highlighted by a significant price uptick of 46.55% over the last six months.
An InvestingPro Tip points out that United Rentals is currently trading at a low Price to Earnings (P/E) ratio relative to near-term earnings growth, with a P/E Ratio of 18.93, suggesting that the stock may be undervalued given its growth trajectory.
InvestingPro also notes United Rentals as a prominent player in the Trading Companies & Distributors industry, which may offer investors a sense of stability and long-term potential. For those looking to delve deeper into United Rentals' financials and future outlook, InvestingPro offers additional insights and tips. With a coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable resources. Currently, there are 12 more InvestingPro Tips available for United Rentals, providing a comprehensive analysis for informed investment decisions.
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