Why United Rentals Stock Soared to an All-Time High Today
Shares of equipment-rental company United Rentals (NYSE: URI) soared on Thursday after reporting finalized financial results for 2022. As of this writing at 2:30 p.m. EST, United Rentals hit $430.15 per share earlier in the trading session, according to Yahoo! Finance, which was an all-time high and up 9.6% from where the stock closed yesterday.
For 2022, United Rentals generated revenue of $11.6 billion and earned $3.2 billion in operating income for a stellar operating margin of almost 28%. According to CEO Matthew Flannery, these are all record results.
United Rentals historically has been an acquirer of similar businesses in the equipment-rental space. And 2022 results were boosted by the 2021 acquisition of General Finance.
Source Fool.com
