GREENWICH, Conn.—United Rentals Inc. cut its full-year earnings target after reviewing forecasts for industry spending, the equipment rental company said Tuesday.
United Rentals now expects to earn between $2.65 and $2.85 per share. Its previous estimate, issued in January and reaffirmed in February, ranged from $2.80 to $3 per share.
Analysts, on average, anticipate profit of $2.70 per share, according to Thomson Financial.
The company said it based the new guidance on "recent industry forecasts for spending in its primary end markets" -- which presumably is going to contract as economic growth slows.
Shares of United Rentals slipped 10 cents to $18.91 in morning trading.
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