United Rentals narrows FY16 revenue view to $5.65B-$5.75B from $5.6B-$5.8B
Consensus $5.74B. Narrows FY16 adjusted EBITDA view to $2.7B-$2.75B from $2.65B-$2.75B. CEO Michael Kneeland said, "Based on what we saw through the third quarter, and what we hear from our customers, we remain optimistic about the cycle. We now expect our 2016 rental rates and adjusted EBITDA to track toward the upper end of prior guidance and free cash flow to exceed our prior expectations. This takes into account our plan to invest up to an additional $50 million in fleet to service specific large contract wins. Looking forward, we remain positive about our operating environment and remind investors of the substantial flexibility we have in managing our business for whatever market conditions materialize."