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United Rentals reports good balance sheet and debt maturity schedule
By Devika Patel
Knoxville, Tenn., April 18 – United Rentals, Inc. reported that its balance sheet is “in a really good place” and that management still feels “really good” about reaching a 2.5x leverage ratio at the end of the year, as previously reported.
The company has a good debt maturity schedule and is generating “meaningful” cash flow, United Rentals’ top financial executive said, and management is striving for a “balanced” yet “dynamic” balance sheet.
“We expect our leverage at the end of the year to be about 2.5x, or the low end of our range,” executive vice president and chief financial officer Jessica T. Graziano said on the company’s first quarter ended March 31 earnings conference call on Wednesday.
“We expect we’re going to finish 2019 at 2.5x, and we feel really good about that.
“The balance sheet right now is in a really good place
“Our debt maturity schedule is pushed out significantly.
“We’re generating meaningful cash flow, so the focus is going [to be] to continue to think about the capital allocation strategy that’s going to be both balanced and dynamic for us going forward,” she said.
Adjusted EBITDA for the quarter was $921 million, an increase of $141 million over the same period in the prior year.
Cash and cash equivalents were $52 million as of March 31, 2019, compared to $43 million as of Dec. 31, 2018.
Total liquidity as of March 31 was $2.25 billion, mainly comprised of ABL capacity.
Total net debt was $11.6 billion as of March 31, 2019, a decrease of $151 million quarter over quarter.
Long-term debt was $10,676,000,000 as of March 31, 2019, compared to $10,844,000,000 as of Dec. 31, 2018.
As of March 31, the company’s leverage ratio was 2.9x.
United Rentals is a Stamford, Conn.-based equipment rental company.
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