United Rentals’ URI first-quarter 2018 earnings and revenues surpassed the Zacks Consensus Estimate and increased from the prior-year quarter, owing to changes in tax laws and higher rental revenues.Adjusted earnings of $2.87 per share beat the Zacks Consensus Estimate of $2.38 and surged 76% from the prior-year quarter.RevenuesTotal revenues of $1.73 billion surpassed the Zacks Consensus Estimate of $1.66 billion by 4.2%. Revenues rose 27.9% year over year.Rental revenues were also up 25.1% from the year-ago quarter to $1.46 billion. Volume of equipment on rent increased 26.1%, while rental rates inched up 1.9%.MarginsTotal equipment rentals gross margin contracted 70 basis points (bps) year over year to 37.4%.Adjusted EBITDA improved 32% year over year to $780 million. Adjusted EBITDA margin increased 140 bps to 45% in the quarter.Segment DiscussionGeneral Rentals: Segment rental revenues increased 22.9% year over year to $1.2 billion. Segment equipment rentals’ gross profit rose 18.3% to $426 million. However, gross margin declined 130 bps year over year.Trench, Power and Pump: Segmental rental revenues increased 36.5% year over year to $258 million, primarily on a same-store basis. Equipment rentals gross profit rose 41.7% to $119 million, while gross margin improved 170 bps on a year-over-year basis.Time Utilization & Fleet SizeTime utilization declined 80 bps to 65.2% from the year-ago quarter’s level, thanks to the impact of the NES and Neff acquisitions.The size of the rental fleet was $11.4 billion of original equipment cost (OEC) as of Mar 31, compared with $11.5 billion as of Dec 31, 2017. The age of the rental fleet was 47.5 months on an OEC-weighted basis as of Mar 31, compared with 47 months as of Dec 31, 2017.Balance SheetUnited Rentals’ cash and cash equivalents totaled $278 million as of Mar 31, compared with $352 million as of Dec 31, 2017.In the quarter under review, the company generated $642 million of net cash from operating activities compared with $622 million in the prior-year quarter.Free cash flow was $516 million for the first three months of 2018, compared with $490 million in the year-ago period.Share Repurchase ProgramUnited Rentals authorized a new $1.25-billion share repurchase program which will begin when the current program is complete. As of March 31, the company had completed $832 million of repurchases under the current program, which it intends to complete by mid-2018.Reiterated 2018 GuidanceTotal revenues are expected in the range of $7.3-$7.6 billion, reflecting an increase from $6.64 billion reported in 2017.Adjusted EBITDA is projected between $3.60 billion and $3.75 billion, higher than the prior-year adjusted EBITDA of $3.16 billion.Net rental capital expenditures after gross purchases are projected in the range of $1.2-$1.35 billion.Net cash provided by operating activities is expected in the range of $2.625-$2.825 billion, higher than $2.230 billion reported in 2017.Free cash flow is expected in the range of $1.3-$1.4 billion, higher than $983 million reported in 2017. United Rentals, Inc. Price, Consensus and EPS Surprise United Rentals, Inc. Price, Consensus and EPS Surprise | United Rentals, Inc. Quote Zacks RankUnited Rentals carries a Zacks Rank #2 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Upcoming Peer ReleasesOwens Corning OC is slated to report quarterly results on Apr 25. The Zacks Consensus Estimate for earnings is pegged at 96 cents, indicating a rise of 12.9% year over year.Louisiana-Pacific LPX is scheduled to release quarterly results on May 7. The Zacks Consensus Estimate for earnings is pegged at 67 cents, showing an increase of 103% year over year.Installed Building Products IBP is expected to report quarterly results on May 5. The Zacks Consensus Estimate for earnings is pegged at 46 cents, indicating a rise of 31.4% year over year.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Rentals, Inc. (URI): Free Stock Analysis Report Installed Building Products, Inc. (IBP): Free Stock Analysis Report Owens Corning Inc (OC): Free Stock Analysis Report Louisiana-Pacific Corporation (LPX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research