EXHIBIT 99.1

FOR IMMEDIATE RELEASE

UNITED RENTALS REPORTS FIRST QUARTER RESULTS

GREENWICH, CT, April 24, 2003 – United Rentals, Inc. (NYSE: URI) today announced financial results for the first quarter ended March 31, 2003. The company reported revenues of $591.9 million, compared to $599.0 million reported for the first quarter of 2002. Rental revenues were 75.0% of total 2003 revenues, sales of rental equipment were 5.9%, and sales of equipment and merchandise and other revenues were 19.1%. Same-store rental revenues rose 1.6% year over year. The company had a net loss for the quarter of $8.7 million, or $0.11 per share, compared to net income of $7.6 million, or $0.08 per diluted share in the first quarter of 2002. (The results for 2002 are before the cumulative effect of a change in accounting principle relating to goodwill impairment that resulted in a non-cash charge, net of tax, of $288.3 million). Equipment utilization in the first quarter of 2003 was 46.6% compared to 49.6% in last year’s first quarter, and sharing of equipment among branches accounted for 10.7% of rental revenues compared with 10.2% in last year’s first quarter. Rental rates were down 2.3% compared to the same period last year.

Bradley Jacobs, chairman and chief executive officer, said, “Our first quarter results were dampened by continued weakness in non-residential construction and reduced state spending on roads and bridges. Our results were also affected by increases in certain operating costs such as fuel, insurance and employee benefits. Rental rates, while down 2.3% for the quarter, declined less than we had anticipated, and we grew our revenues from National Accounts and merchandise sales.

“Our results also reflect first quarter seasonality. For the full year, we expect to generate earnings of about $0.90 per diluted share, excluding any non-cash goodwill write-off that may be required in connection with SFAS 142. We also expect to generate about $650 million of cash flow from operations and the sale of used equipment in 2003, and plan to invest about $300 million of this cash in equipment purchases for our rental fleet.”

The company will conduct an investor conference call at 11:00 AM (EDT) today. Interested parties can participate by dialing 1-719-457-2600. The conference call will also be broadcast live over the internet at www.vcall.com and on the company’s web site at www.unitedrentals.com.

United Rentals, Inc. is the largest equipment rental company in North America, with an integrated network of more than 750 locations in 47 states, seven Canadian provinces and Mexico. The company serves 1.7 million customers, including construction and industrial companies, manufacturers, utilities, municipalities, homeowners and others. The company

offers for rent over 600 different types of equipment with a total original cost of approximately $3.7 billion.

Certain statements contained in this press release are forward-looking in nature. These statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “plans,” “intends,” “projects,” “forecasts,” “may,” “will,” “should,” “on track” or “anticipates” or the negative thereof or comparable terminology, or by discussions of strategy. The company’s business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may materially differ from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to, the following: (1) unfavorable economic and industry conditions can reduce demand and prices for the company’s products and services, (2) governmental funding for highway and other construction projects may not reach expected levels, (3) the company may not have access to capital that it may require, (4) any companies that United Rentals acquires could have undiscovered liabilities and may be difficult to integrate and (5) costs may increase more than anticipated. These risks and uncertainties, as well as others, are discussed in greater detail in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. The company makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made.

# # #

Contact:

Fred Bratman

Vice President, Corporate Communications

United Rentals, Inc.

(203) 618-7323

fbratman@ur.com

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UNITED RENTALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(000s, except per share data)

	Three months ended March 31, 2003			Three months ended March 31, 2002
Revenues:
Equipment rentals	$	443,648		$	446,288
Sales of rental equipment		35,080			39,130
Sales of equipment and merchandise and other revenues		113,123			113,547
Total revenues		591,851			598,965
Cost of revenues:
Cost of equipment rentals, excluding depreciation		252,404			235,562
Depreciation of rental equipment		80,743			78,050
Cost of rental equipment sales		23,255			25,132
Cost of equipment and merchandise sales and other operating costs		81,460			81,013
Total cost of revenues		437,862			419,757
Gross profit		153,989			179,208
Selling, general and administrative expenses		96,761			98,495
Non-rental depreciation and amortization		16,978			13,884
Operating income		40,250			66,829
Interest expense		54,656			54,677
Other (income) expense, net		(106	)		(280	)
Income (loss) before provision (benefit) for income taxes and cumulative effect of change in accounting principle		(14,300	)		12,432
Provision (benefit) for income taxes		(5,577	)		4,848
Net income (loss) before cumulative effect of change in accounting principle		(8,723	)		7,584
Cumulative effect of change in accounting principle, net of tax					(288,339	)
Net loss	$	(8,723	)	$	(280,755	)
Earnings (loss) per share-basic:
Income (loss) before cumulative effect of change in accounting principle	$	(0.11	)	$	0.10
Cumulative effect of change in accounting principle, net					(3.92	)
Net loss	$	(0.11	)	$	(3.82	)
Earnings (loss) per share-diluted:
Income (loss) before cumulative effect of change in accounting principle	$	(0.11	)	$	0.08
Cumulative effect of change in accounting principle, net					(3.92	)
Net loss	$	(0.11	)	$	(3.84	)
Weighted average shares outstanding:
Basic		76,778			73,521
Diluted		76,778			97,341

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UNITED RENTALS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(000s)

	March 31		December
	2003		2002
ASSETS
Cash and cash equivalents	$	32,928	$	19,231
Accounts receivable, net		422,266		466,196
Prepaid expenses and other assets		258,716		223,091
Rental equipment, net		1,838,098		1,845,675
Property and equipment, net		418,371		425,352
Goodwill and other intangible assets, net		1,721,697		1,711,012
	$	4,692,076		4,690,557
LIABILITIES & STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	191,657	$	207,038
Debt		2,533,631		2,512,798
Deferred taxes		220,754		225,587
Accrued expenses and other liabilities		179,181		187,079
Total liabilities		3,125,223		3,132,502
Company-obligated mandatorily redeemed convertible preferred securities of a subsidiary trust		226,550		226,550
Stockholders’ equity		1,340,303		1,331,505
	$	4,692,076	$	4,690,557

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GAAP Reconciliation

1.    Our results for the first quarter of 2002 reported in the press release have been adjusted to exclude the cumulative effect of a change in accounting principle relating to change in goodwill impairment. The table below reconciles the as-adjusted results with our results in accordance with generally accepted accounting principles (“GAAP”).

Three Months Ended March 31, 2002 (000s, except per share data)
Net loss	$(280,755) or $(3.84) per diluted share
Cumulative effect of accounting change (relating to change in goodwill impairment), net of tax	$(288,339) or $(3.92) per diluted share
Income, as adjusted	$7,584 or $0.08 per diluted share

2.    Our EBITDA was $138.0 million and $158.8 million during the first quarter of 2003 and the first quarter of 2002, respectively. EBITDA is defined as net income (excluding: i. non-operating income and expense, and ii. a $288.3 million non-cash charge in 2002 due to the cumulative effect of a change in accounting principle relating to goodwill impairment) plus interest expense, income taxes and depreciation and amortization. EBITDA is presented to provide additional information concerning our ability to meet future debt service obligations and capital expenditure and working capital requirements. However, EBITDA is not a measure of financial performance under GAAP. Accordingly, EBITDA should not be considered an alternative to net income or cash flows as indicators of our operating performance or liquidity. The table below reconciles net income (loss) to EBITDA for the periods indicated:

	Three Months Ended
	March 31, (000s)
	2003			2002
Net loss	$	(8,723	)	$	(280,755	)
Plus:
Cumulative effect of change in accounting principle, net of tax					288,339
Other (income) expense, net		(106	)		(280	)
Interest expense		54,656			54,677
Income taxes		(5,577	)		4,848
Depreciation and amortization		97,721			91,934
EBITDA	$	137,971		$	158,763

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