(Reuters) – Equipment rental firm United Rentals on Wednesday posted a 6.25% rise in fourth-quarter profit, on the back of robust demand for industrial tools.
U.S. companies have ramped up their manufacturing activity over the past two years after the pandemic crimped their ability to produce enough products to meet demand.
United Rentals also authorized a $1.5 billion share buy-back program it is expects to be completed by the end of the first quarter of 2025.
The rental firm operates across North America and rents out equipment to major industries covering manufacturing and construction sectors.
Net income in the quarter ended Dec. 31 was $679 million, or $10.01 per share, compared with $639 million, or $9.15 per share, a year earlier.
The Stamford, Connecticut-based company’s total revenue in the quarter rose about 13% from a year earlier to $3.73 billion.
Analysts expected the company to post a total revenue of $3.6 billion, according to LSEG data.
(Reporting by Aatreyee Dasgupta and Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)