United Rentals Raises Outlook For 2018 - Quick Facts

(RTTNews) - United Rentals, Inc. (URI) announced, for 2018, adjusted EBITDA is now expected to be in the range of $3.675 billion to $3.775 billion, revised from guidance range of $3.6 billion to $3.75 billion. Total revenue is estimated to be in the range of $7.5 billion to $7.7 billion, up from prior outlook range of $7.3 billion to $7.6 billion.

For second-quarter, adjusted EPS was $3.85, compared with $2.37, last year. The reduction in the tax rate contributed an estimated $0.70 to adjusted EPS for the second quarter 2018. Pro forma rental revenue increased 11.4% year-over-year, reflecting growth of 7.1% in the volume of equipment on rent and a 2.8% increase in rental rates.

Michael Kneeland, CEO of United Rentals, said, "We were very pleased with the momentum of our business in the second quarter, as strong gains in volume and rates helped drive better than 11% growth in pro forma rental revenue. Importantly, demand remained robust across our construction and industrial verticals in both the U.S. and Canada. The Neff integration is largely complete, and we look forward to getting the process started with Baker this quarter."