Shares of United Rentals surged as much as 7.5% to $421.75 on Thursday after the company announced a quarterly dividend, launched a $1 billion share buyback for 2023, and provided full-year guidance in its fourth quarter results.

URI initiated a $1.48/share quarterly dividend, with a forward yield of 1.51%. The dividend is payable on Feb. 22; for shareholders of record on Feb. 8; ex-div Feb. 7.

The company said it expects to report 2023 revenue around $13.7 billion to $14.2 billion, above Seeking Alpha estimates of $13.43 billion, with adjusted EBITDA of $6.6 – $6.85 billion.

Net cash is expected between $4.4 – $4.8 billion and free cash flow excluding certain charges is forecasted between $2.1 billion – $2.35 billion for the year.

URI said it plans to begin the $1 billion stock repurchase under the program in the first quarter of 2023.

The company on Wednesday also posted Q4 Non-GAAP EPS of $9.74, which missed estimates by 55 cents, but revenue of $3.29B was +18.3% Y/Y and in-line with consensus.

Other Q4 metrics: Fleet productivity up 5.9% Y/Y; General rentals revenue up 19.1% Y/Y at $2.023B; Specialty rentals revenue up 18.1% Y/Y at $724M; Adjusted EBITDA up 25.8% Y/Y at $1.647B.

URI up 7.5% in 2022. Stock has already gained 10% in January.