Sunbelt Rentals Holdings Inc (NYSE:SUNB) on Wednesday reported better-than-expected first-quarter financial results and raised its FY27 sales guidance.
Sunbelt Rentals reported quarterly earnings of $1.18 per share which beat the analyst consensus estimate of $1.04 per share. The company reported quarterly sales of $3.115 billion which beat the analyst consensus estimate of $2.996 billion.
Sunbelt Rentals raised its FY2027 sales guidance from $11.652 billion-$11.986 billion to $11.819 billion-$12.154 billion.
“I am proud of the team’s efforts in driving strong execution across all aspects of the business which delivered record first quarter results,” said Brendan Horgan, Chief Executive Officer. “Our obsession with the success of our customers, strong value proposition, differentiated technology platform and leading scale drove strong growth in the quarter as reflected in a 25% increase in rental revenues within our North America Specialty segment and 7% growth within our North America General Tool segment.”
Sunbelt Rentals shares fell 1.9% to $72.01 in pre-market trading.
These analysts made changes to their price targets on Sunbelt Rentals following earnings announcement.
- B of A Securities analyst Arnaud Lehmann maintained the stock with an Underperform rating and raised the price target from $62 to $71.
- Keybanc analyst Ken Newman maintained the stock with an Overweight rating and boosted the price target from $85 to $90.
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