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Mar 31, 2023
Herc Holdings Q1 2023 Earnings Report
Herc Holdings reported record first quarter results, driven by strong equipment rental revenue and strategic acquisitions.
Key Takeaways
Herc Holdings reported a record first quarter with total revenues of $740 million, a 30% increase year-over-year. Net income increased by 16% to $67 million, or $2.28 per diluted share. The company is affirming its full year 2023 adjusted EBITDA guidance range and net rental capital expenditures guidance.
Equipment rental revenue reached a record $654 million, up 24% year-over-year.
Total revenues hit a record $740 million, a 30% increase year-over-year.
Net income increased 16% to $67 million, or $2.28 per diluted share.
Adjusted EBITDA increased 30% to $308 million with an adjusted EBITDA margin of 41.6%.
Revenue by Segment
Forward Guidance
The Company is affirming its full year 2023 adjusted EBITDA guidance range and net rental capital expenditures guidance.
Positive Outlook
- Forecasted higher construction spending in 2023
- Investing in its fleet
- Capitalizing on strategic acquisitions
- Capitalizing on greenfield opportunities
- Cross-selling a diversified product portfolio
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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