United Rentals beats by $0.24, beats on revs; reaffirms FY16 revenue guidance:
- Reports Q2 (Jun) earnings of $2.06 per share, excluding non-recurring items, $0.24 better thanthe Capital IQ Consensus of $1.82; revenues fell 0.6% year/year to $1.42 bln vs the $1.39 bln Capital IQ Consensus.
- Co reaffirms guidance for FY16, sees FY16 revs of $5.60-5.80 bln vs. $5.67 bln Capital IQ Consensus Estimate. Reaffirms adjusted EBITDA guidance of $2.65-2.75 bln.
- "we were pleased with the positive progression of monthly rental rates, which we attribute to the combined impact of our internal initiatives and solid growth in several of our core U.S. markets. While conditions remain challenging in Canada, we see solid customer activity on both the East and West Coasts of the U.S., at the same time that our emphasis on specialty rentals continues to pay dividends."
- "Based on what we saw through the mid-year, and what we hear from the field, we continue to expect our business to improve both seasonally and cyclically. Consequently, we can reaffirm our 2016 revenue, EBITDA, capital spending and free cash flow guidance."
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