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United Rentals (URI) Beats Q1 Earnings, Updates 2017 View

Zacks Equity Research

United Rentals Inc.’s (URI - Free Report) first-quarter 2017 adjusted earnings of $1.63 per share beat the Zacks Consensus Estimate of $1.58 by 3.2%. Earnings also increased 16.4% year over year.

The company reported solid volume growth and record time utilization, driven by strength in its core construction markets. Positive trends in the upstream oil and gas business also drove the upside.

Revenues

Total revenue of $1.36 billion surpassed the Zacks Consensus Estimate of $1.34 billion by 1.5%. Revenues increased 3.8% year over year.

For the first quarter of 2017, rental revenues were $1.17 billion, up 4.5% from the year-ago quarter. Volume of equipment on rent increased 7% while rental rates fell 1.4%.

Segment Discussion

General Rentals: Segment rental revenues increased 2.3% year over year to $977 million. Segment equipment rentals’ gross profit inched up 0.8% to $360 million.

Trench, Power and Pump: The company’s Trench, Power and Pump specialty segment's rental revenues rose 16.7% year over year to $189 million, primarily on a same-store basis. Segment equipment rentals’ gross profit rose 23.5% to $84 million.

Time Utilization & Fleet Size

Time utilization increased 190 basis points year over year to 66%, marking a record first quarter for the company.

The size of the rental fleet was $8.92 billion of original equipment cost as of Mar 31, 2017, compared with $8.99 billion as of...


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