Today: April 23, 2024
Today: April 23, 2024

United Rentals beats profit estimates on strong equipment demand

Share This
LA Post: United Rentals beats profit estimates on strong equipment demand
October 25, 2023

(Reuters) - Equipment rental company United Rentals 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.

(Reporting by Shivansh Tiwary and Ananta Agarwal in Bengaluru; Editing by Devika Syamnath)


Jamal Murray sinks shot at buzzer to cap 20-point comeback and lead Nuggets past Lakers 101-99

Jamal Murray sank a 15-foot step-back jumper at the buzzer and the Denver Nuggets wiped out a 20-point second-half deficit to stun the Los Angeles Lakers 101-99 Monday night and take a 2-0 lead in their Western Conference playoff series

Nelly Korda puts bid for 6th straight victory on hold after withdrawing from Los Angeles tourney

Nelly Korda is putting her bid for a historic sixth straight victory on hold

Without cameras to go live, the Trump trial is proving the potency of live blogs as news tools

With cameras not allowed at former President Donald Trump's hush money trial in New York, live news blogs are coming into their own as an important news tool

Yankees manager Aaron Boone is ejected 5 pitches into game vs. Athletics

New York Yankees manager Aaron Boone was ejected by Hunter Wendelstedt five pitches into a game against the Oakland Athletics over a remark from a fan behind the dugout aimed at the plate umpire


As airplane makers struggle to meet demand, Morocco wants to become a manufacturing hub

Cyberattacks are on the rise, and that includes small businesses. Here's what to know

Apple says it will hold event on May 7

US new home sales rebound in March

- Advertisement -
Advertisement: Limited Time Offer