United Rentals profit beats expectations on higher equipment demand
April 24 (Reuters) -Equipment rental firm United Rentals URI.N beat analysts' estimate for first-quarter profit on Wednesday, backed by robust demand across its markets.
Shares of the company, which operates across North America and rents out equipment to sectors such as manufacturing and construction sectors, rose 3% in extended trading.
Industrial equipment demand from the non-residential construction sector has been improving as the U.S. refurbishes roads, railways and other transportation infrastructure under the Biden administration's $1 trillion package.
Demand from the manufacturing sector also rose as data in April showed that the U.S. manufacturing output rose 0.5% last month after an upwardly revised 1.2% rebound in February.
The Stamford, Connecticut-based company posted an adjusted profit of $9.15 per share for the quarter ended March 31, compared with analysts' average estimate of $8.33, according to LSEG data.
Total revenue rose 6% to $3.49 billion, compared with estimates of $3.44 billion. Its rental revenue increased nearly 7% year-over-year to $2.93 billion.
The company acquired construction company Yak Access last month for about $1.1 billion in cash from Platinum Equity, to expand its specialty segment portfolio to include matting.
"2024 is playing out as we expected, with our updated full-year guidance reflecting the addition of Yak," said CEO Matthew Flannery
The company raised its 2024 total revenue forecast to range between $14.95 billion to $15.45 billion, compared with the prior range of $14.65 billion to $15.15 billon.
Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Sriraj Kalluvila and Shilpi Majumdar
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