United Rentals, Inc. URI launched ProBox OnDemand, an automated tool-tracking system that utilizes Bluetooth technology. This system helps ensure workers access the correct tools when and where needed. It also tracks tools in real-time, which significantly reduces the risk of tool loss on worksites.

This innovation is part of the United Rentals Worksite Performance portfolio, which helps customers create connected worksites that enhance safety, productivity and sustainability.

ProBox OnDemand utilizes Bluetooth tracking tags attached to tools in a patented storage box. This system delivers automated visibility into tool usage, locations and inventory levels. Unlike other solutions, ProBox OnDemand works with tools from any manufacturer, allowing it to read and report on rental equipment from various sources.

It generates utilization data that assists contractors in managing tool expenses and optimizing inventories. This visibility enables managers to identify underutilized tools while ensuring that frequently needed tools are readily available, promoting increased productivity on job sites.

URI's Share Price Performance

Shares of United Rentals have surged 86.8% in the past year compared with the Zacks Building Products - Miscellaneous industry’s 57.1% growth. The company’s focus on rental business, solid infrastructure and non-residential sector demand and acquisitions are making it more attractive among its peers.

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In second-quarter 2024, Equipment Rentals contributed 85.2% to total revenues. United Rentals has been witnessing widespread growth in rental revenues. In the quarter, rental revenues rose 7.8% to $3.22 billion, year over year. The company witnessed robust demand across geographies, verticals and customer segments. Industrial manufacturing and power drove substantial growth in industrial end markets.

Backed by multi-year tailwinds in infrastructure, manufacturing, and energy and power, along with strong customer demand, the company is well-poised for 2024 and beyond. This reflects stronger growth in the core rental business and sustained demand in its end markets.

URI’s Zacks Rank & Other Key Picks

Currently, United Rentals carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks from the Zacks Construction sector are:

Sterling Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). Sterling Infrastructure has a trailing four-quarter earnings surprise of 17.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for STRL’s 2024 sales and earnings per share (EPS) indicates a rise of 9.7% and 26.6%, respectively, from the prior-year levels.

Howmet Aerospace Inc. HWM presently carries a Zacks Rank #2. HWM has a trailing four-quarter earnings surprise of 10.9%, on average.

The Zacks Consensus Estimate for HWM’s 2024 sales and EPS indicates a rise of 12.6% and 40.8%, respectively, from the prior-year levels.

M-tron Industries, Inc. MPTI currently carries a Zacks Rank #2. It has topped earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 9.2%.

The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 16.1% and 76.6%, respectively, from prior-year levels.