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.