United Rentals Inc. (URI) Wednesday posted a rise in first-quarter net income to $21 million or $0.19 per share, from $13 million or $0.17 per share in the same period last year.
Adjusted earnings for the quarter were $0.58 per share, compared to $0.36 per share in the comparable quarter prior year. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
Michael Kneeland, chief executive of United Rentals stated, "As our end markets recover, we have an opportunity to gain ground where it will be most profitable: with key accounts of all types and specialty rentals. We plan to expand our sales force by at least 10% this year to capitalize on over a billion dollars of net fleet purchases."
Meanwhile, revenues for the quarter rose to $1.100 billion from $656 million last year, while rental revenue were $916 million, compared with $523 million in the prior year.
Nine analysts expected revenues of $1.11 billion for the first quarter.
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