By: Rob Wertheimer
URI’s 2017 full year report and outlook showed improved scale, industry pricing, and operations. Its adjusted EBITDA guide is up ~16% year over year, with incremental margin of about 63%. Pricing is finally up, around 2% proforma. Some may expect higher margin pull-through as pricing inflects and adds to already good operational leverage. We had had a little bit lower pull-through, with some uncertainty factored into our estimates on recent acquisitions.