United Rentals’ (NYSE: URI) adjusted EPS increased by 1.2% year-over-year to $3.35 in the first quarter of 2020. Revenue inched up 0.4% to $2.13 billion. United Rentals withdrew its 2020 financial guidance amid the continuing, severe economic disruption caused by COVID-19 pandemic. URI stock rose about 2% in the extended hours.
On a GAAP basis, the company reported net income of $173 million or $2.33 per share compared with $175 million or $2.19 per share in the year-ago quarter.
CEO Matthew Flannery said, “We expect our free cash flow to remain substantially positive in 2020, even in our worst-case scenarios.”
URI stock, which rose 9.81% to $127.98 today, has dropped 23% since the beginning of 2020.