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United Rentals lifts revenue outlook as quarterly net income rises

Equipment rental company United Rentals Inc. posted net income of $333 million for the third quarter, up from $199 million in the same period last year.

Diluted earnings came in at $4.01 per share for the quarter that ended Sept. 30, rising from $2.33 per share in the prior-year quarter. The company said a tax rate reduction to 21% from 35% related to the new U.S. tax law contributed approximately 73 cents to its diluted EPS.

Total revenues climbed to $2.12 billion for the quarter from $1.77 billion. Equipment rentals generated $1.86 billion compared to $1.54 billion a year ago.

Total cost of revenues stood at $1.18 billion, up from $993 million. Cost of equipment rentals, excluding depreciation, reached $671 million, up from the prior-year quarter's $557 million.

Operating income rose to $578 million from $448 million.

The company said that full-year 2018 revenue will range from $7.77 billion to $7.87 billion, up from the prior outlook of $7.64 billion to $7.84 billion.

United Rentals said as of Sept. 30 it repurchased $210 million worth of shares as part of a previously announced $1.25 billion buyback program.