United Rentals, Inc. URI shares are trading higher in Wednesday's after-hours session after the company reported fourth-quarter earnings results. Here's an overview of the details.
What To Know: United Rentals reported quarterly adjusted earnings of $11.26, beating the Street's estimate of $10.93.
The company posted revenue of $3.73 billion which exceeded analyst estimates of $3.62 billion, marking growth of 13% compared to revenue of $3.29 billion year-over-year.
The company achieved record rental revenue of $3.119 billion, an increase of 13.5% year-over-year.
Adjusted EBITDA grew 9.8% year-over-year to a record amount of $1.809 billion, although adjusted EBITDA margin decreased 150 basis points to 48.5%.
Also, the company's board of directors authorized a new $1.5 billion share repurchase program, anticipated to be completed by the end of the first quarter of 2025.
United Rentals expects full-year 2024 revenue to be between $14.65 billion and $15.15 billion, versus the estimate of $14.805 billion.
Matthew Flannery, CEO of United Rentals, said, "We entered 2023 with the goal of raising the bar and I'm incredibly pleased with the team's performance. Our fourth quarter results capped a year of new records across revenue, profits, and returns driven by a relentless commitment to serving our customers, while staying laser-focused on safety and operational excellence."
URI Price Action: Shares of United Rentals were up 3.31% at $596 in the after-hours session at the time of publication, according to Benzinga Pro.
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Photo: Dimitris Vetsikas from Pixabay
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