United Rentals lifts forecast after large projects fuel record first quarter
22/04/2026 23:38
April 22 (Reuters) - United Rentals URI.N reported record first-quarter revenue and raised its annual sales forecast on Wednesday, as more customers rented equipment for large construction and industrial projects, sending its shares up more than 16% in extended trading. A race between large technology companies to bring up the data centers needed for artificial intelligence has sparked a construction boom in the U.S., driving up demand for rental equipment in a potential boost for firms like United Rentals. "The increases to our full-year guidance are supported by momentum we are carrying into our busy season and the growth opportunities our customers see on the horizon, particularly within large projects and key verticals," said CEO Matthew Flannery. The Stamford, Connecticut-based company raised its full-year revenue guidance in the range of $16.9 billion to $17.4 billion compared with its prior view of $16.8 billion to $17.3 billion. The company posted an adjusted profit of $9.71, exceeding analysts' estimate of $8.97 per share, its first beat in four quarters. Total revenue stood at $3.99 billion, beating analysts' average estimate of $3.88 billion. Revenue from its rental business - the company's biggest source of revenue - rose over 8% to $3.42 billion. The company's specialty rentals segment continued to see robust demand during the quarter, with a nearly 13.8% rise in revenue to $1.19 billion. First-quarter net margin rose 20 basis points, driven by higher rental and used equipment margins and lower SG&A and interest costs, partly offset by $45 million in restructuring charges. (Reporting by Jahanvi Kothari; Editing by Pooja Desai and Maju Samuel) ((jahanvi.kothari@thomsonreuters.com))