Why United Rentals Stock Popped 12% on Thursday
United Rentals (NYSE: URI) shares powered 12.4% higher through 12:45 p.m. ET on Thursday after the lessor of construction and general industrial equipment reported better-than-expected sales for the quarter -- and better earnings as well.
Heading into the Q4 2023 report, Wall Street analysts forecast that United Rentals would earn $10.93 per share, adjusted for one-time items, on quarterly revenue of $3.6 billion. As it turned out, United Rentals earned $11.26 per share as revenue came in ahead of expectations at $3.7 billion.
Revenue climbed 13% year over year. Net income came to $10.01 per share, a smaller increase of only 9% year over year. (The $11.26 number was an adjusted number.) Furthermore, this per-share income was boosted by a decline in the number of shares outstanding; total net income grew only about 6% year over year.
Source Fool.com
