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United Rentals, Inc. (URI), headquartered in Stamford, Connecticut, is the largest equipment rental company in the world. With a market cap of $52.57 billion, United Rentals provides a comprehensive range of equipment solutions to industrial and construction companies, utilities, municipalities, and homeowners. United Rentals is set to announce its Q3 earnings on Wednesday, Oct. 23.
Ahead of the event, analysts expect URI to report a profit of $12.49 per share, up 6.5% from $11.73 in the year-ago quarter. The company has surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $10.70 per share for the last quarter surpassed the consensus estimate by 2.1%. United Rentals' strong equipment rental demand primarily drove the earnings bear.
For fiscal 2024, analysts expect URI to report EPS of $44.39, up 9% from $40.74 in fiscal 2023.
URI stock is up 37.7% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 20.6% gains and the Industrial Select Sector SPDR Fund's (XLI) 18.9% returns over the same time frame.
Shares of URI gained 5.4% following its better-than-expected Q2 earnings release on Jul. 24. The company reported revenues of $3.77 billion, in line with the consensus estimate. The company expects full-year revenue between $15.05 billion and $15.35 billion.
The consensus opinion on URI stock is cautious, with an overall “Hold” rating. Of 18 analysts covering the stock, seven advise a “Strong Buy” rating, one suggests a “Moderate Buy,” six suggest a “Hold,” and four suggest a “Strong Sell.” URI's average analyst price target is $713.13, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
