(Reuters) - United Rentals Inc’s (URI.N) third-quarter net income nearly doubled and the company’s board approved a share repurchase program of up to $500 million.
Shares of the world’s largest equipment rental company shot up 7 percent to a life-high of $61.43 before easing back to close at $59.79 on the New York Stock Exchange.
The company’s net income rose to $143 million, helped by increasing demand for rental equipment in the non-residential construction market.
United Rentals reported adjusted earnings of $1.63 per diluted share. Revenue rose 7.4 percent to $1.31 billion.
Analysts on average had expected $1.60 cents per share on revenue of $1.32 billion, according to Thomson Reuters I/B/E/S.
Reporting by Rohit T. K. in Bangalore; Editing by Saumyadeb Chakrabarty