Herc Holdings Q1 2022 Earnings Report
Key Takeaways
Herc Holdings reported a strong first quarter in 2022, with equipment rental revenue increasing by 31.6% to a record $526.8 million and total revenues increasing by 25.0% to $567.3 million. Net income increased by 77.8% to $58.5 million, and adjusted EBITDA grew by 28.3% to $236.8 million. The company has increased its full year 2022 adjusted EBITDA guidance.
Equipment rental revenue increased 31.6% to a record $526.8 million.
Total revenues increased 25.0% to $567.3 million.
Dollar utilization increased 280 basis points to a record 41.4%.
Net income increased 77.8% to $58.5 million or $1.92 per diluted share.
Herc Holdings
Herc Holdings
Herc Holdings Revenue by Segment
Forward Guidance
The Company increased its full year 2022 adjusted EBITDA guidance range and maintained net rental capital expenditures guidance. Adjusted EBITDA is now expected to be between $1,175 million to $1,245 million. Net rental equipment capital expenditures are expected to be between $900 million to $1,120 million.
Positive Outlook
- Continued strong momentum in operating performance.
- Confidence in executing organic growth strategy.
- Strategic M&A supplementing growth.
- Acquisition of Cloverdale Equipment Company closed.
- Positive outlook for the full year 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income