United Rentals up 7.5% on Strong Q1 Results

United Rentals

is trading higher on the session following its Q1 earnings announcement. The company reported an EPS of $0.36 vs $0.05 estimates and revenues of $656 million vs $609.95 million estimate. Michael Kneeland, chief executive officer of United Rentals, said, "Our performance surpassed all prior first quarters, with record time utilization, record fleet growth, and record adjusted EBITDA, both dollars and margin. Once again, we drove profitable growth faster than the construction recovery. Both core areas of our business - general rentals and specialty operations - realized higher rates year-over-year on a fleet that was about $600 million larger on average. These results speak volumes about the effectiveness of our strategy and the ongoing secular shift toward renting." United Rentals is currently trading at $43.96, a gain of $3.05 or 7.46%.