United Rentals (NYSE: URI) reported Q1 EPS of $3.35, $0.66 better than the analyst estimate of $2.69. Revenue for the quarter came in at $2.13 billion versus the consensus estimate of $2.09 billion.

CEO Comment

Matthew Flannery, chief executive officer of United Rentals, said, “I’m incredibly proud of the way our team has responded to the COVID-19 crisis, and I want to thank them for their extraordinary efforts during this challenging period. Our highest priority is to ensure the safety of our employees and customers in our workplaces and at jobsites. The modifications we’ve made to our operating protocols preserve our ability to serve the needs of thousands of communities, while retaining critical capacity for the return of end-market demand.”

Flannery continued, “Our business tracked as we expected through early March, when the outlook for 2020 became far more uncertain due to the pandemic. While we’ve withdrawn our guidance at this time, we\'re confident in our ability to leverage the resiliency inherent in our business model. We’re in the strongest position in our history to respond to this crisis and to prepare for the recovery to come. This includes the strength of our balance sheet and cash flow, as we remain focused on disciplined capital allocation and cost management. We expect our free cash flow to remain substantially positive in 2020, even in our worst-case scenarios.”

Withdrawal of Full-Year 2020 Guidance

The operational and financial impacts on the company from the continuing, severe economic disruption caused by COVID-19 are uncertain at this time. As a result, the company has withdrawn its full-year 2020 financial guidance. The company will continue to assess the impact of COVID-19 on the company’s operations and will next provide guidance when it can reasonably estimate the pandemic’s impact on its business.

For earnings history and earnings-related data on United Rentals (URI) click here.