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United Rentals misses third-quarter profit estimates on lower margins
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United Rentals misses third-quarter profit estimates on lower margins
Oct 30, 2024 6:00 PM

Oct 22 (Reuters) - United Rentals ( URI ) missed

third-quarter profit estimates on Wednesday, on lower margins

across all of the equipment rental company's segments.

Shares of the company fell nearly 3% after the bell.

The slow recovery of non-residential construction and

persisting supply chain issues continue to weigh on costs for

equipment dealers and are hurting margins.

The Stamford, Connecticut-based company posted quarterly

profit of $11.80 per share, compared with analysts' average of

$12.48 per share, according to data compiled by LSEG.

Its specialty rentals segment, however, continued to see

robust demand during the quarter, driving a nearly 24% rise in

revenue to $1.14 billion.

Total revenue for the quarter ended September 30, rose 7.4%

to $3.46 billion, compared with estimates of $4.01 billion.

United Rentals ( URI ) narrowed its full-year revenue forecast to

range between $15.1 billion and $15.3 billion, compared with the

earlier estimated range of $15.05 billion to $15.35 billion,

while maintaining a mid-point of $15.2 billion, which comes in

line LSEG estimates.

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