United Rentals (URI) Tops Q2 EPS by 8c; Raises Outlook

United Rentals (NYSE: URI) reported Q2 EPS of $2.37, $0.08 better than the analyst estimate of $2.29. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.56 billion.

Michael Kneeland, chief executive officer of United Rentals, said, "The broad demand we saw early this year continued throughout the second quarter as we entered our busy season. This was reflected in our strong year-over-year performance, with volume up 6.6% on a pro forma basis, record second quarter time utilization, and an improved rate trend across our business. The NES integration and Project XL are both well underway and on track."

Kneeland continued, "We remain encouraged by the level of customer activity and the industry’s ongoing absorption of fleet. Given our visibility into the balance of 2017, we’ve increased our full-yearguidance for total revenue, adjusted EBITDA, capex and free cash flow. Our focus remains on balancing growth with margins, free cash flow and returns to maximize our long-term value."

GUIDANCE:

United Rentals sees FY2017 revenue of $6.25-6.4 billion, versus the prior of $6.05 billion to $6.25 billion and the consensus of $6.23 billion. Sees adjusted EBITDA of $2.95-$3.025 billion.

For earnings history and earnings-related data on United Rentals (URI) click here.

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