Herc Holdings reports company record-setting rental revenue

Herc Holdings, Bonita Springs, Fla., today reported earning $567.3 million in total revenue during the 2022 first quarter, up 25 percent compared to $453.8 million in the 2021 first quarter. The year-over-year increase of $113.5 million was related to an increase in equipment rental revenue of $126.4 million, offset primarily by lower sales of rental equipment of $16.5 million. The reduction in sales of rental equipment resulted from strong rental demand and the strategic management of the company’s fleet to maximize fleet size and minimize the sales of rental equipment.

Equipment rental revenue was a company record $526.8 million in the 2022 first quarter, up 31.6 percent compared to $400.4 million in the 2021 first quarter.

“We continued our ‘shift into high gear’ with an excellent first quarter,” said Larry Silber, president and CEO. “Our average fleet increased 23.4 percent to $4.5 billion, dollar utilization increased to 41.4 percent, and rental revenue increased 31.6 percent over the prior year. Outstanding execution by our operations and field support team was enhanced by strong demand in our markets and a positive operating environment. The record first quarter results have accelerated our growth expectations for the full year and we now expect 2022 adjusted EBITDA to increase between approximately 31 to 39 percent over 2021.”

The company increased its full year 2022 adjusted EBITDA guidance range to $1.175 billion to $1.245 billion. Previously the company’s adjusted EBITDA guidance range was $1.075 billion to $1.175 billion.