United Rentals beats profit estimates on strong equipment demand
Reuters
Published Oct 25, 2023 04:47PM ET
(Reuters) - Equipment rental company United Rentals (NYSE:URI) on Wednesday beat estimates for third-quarter profit on strong demand for industrial tools as spending on infrastructure and construction projects ramped up.
Demand for industrial equipment has been improving as the United States upgrades roads, railways, and other transportation infrastructure under the Biden Administration's $1 trillion package that was approved by the Senate and signed into law in 2021.
The company reported an adjusted profit of $11.73 per share, beating analysts' average estimates of $11.2 per share, according to LSEG data.
"Looking beyond 2023, we believe that our strategy positions us well to support our customers as they execute on the tailwinds we see across infrastructure, industrial manufacturing, and energy and power," said CEO Matthew Flannery.
Rental revenue increased 18% year-over-year to $3.224 billion in the third quarter ended Sept. 30.
The Stamford, Connecticut-based company reported total revenues of $3.765 billion, compared with analysts' expectations of $3.70 billion.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.