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United Rentals shares spike after release of 2019 outlook

Shares of United Rentals Inc. jumped after the equipment rental company released upbeat financial guidance for next year and announced the resumption of a share repurchase program.

For 2019, the company is expecting total revenue of $9.15 billion to $9.55 billion, up from the projected revenue of $7.89 billion to $7.99 billion for 2018.

Adjusted EBITDA for 2019 is forecast to be between $4.35 billion and $4.55 billion, higher than the 2018 guidance range of $3.82 billion to $3.87 billion.

United Rentals expects $2.85 billion to $3.20 billion in net cash from operations next year, up from its forecast range of $2.73 billion to $2.88 billion for this year.

Free cash flow, excluding the effects of costs related to mergers and restructuring, is projected to be in the range of $1.3 billion to $1.5 billion in 2019, compared to an estimate of $1.25 billion to $1.35 billion in 2018.

"Our 2019 guidance reflects the healthy momentum we see going into year-end and our confidence that positive conditions will prevail in the coming year," United Rentals CEO Michael Kneeland said in an investor day update on Dec. 11.

United Rentals also announced that it will resume its $1.25 billion share repurchase program in December after suspending it Nov. 1.

The company purchased $210 million of shares through Sept. 30 under the buyback program, which it plans to finish by the end of 2019.

United Rentals shares were up 8.74% as of 10:23 a.m. ET, trading at $110.76.