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Sep 30, 2024
Herc Holdings Q3 2024 Earnings Report
Herc Holdings' Q3 2024 results were reported, showcasing record equipment rental revenue and increased net income.
Key Takeaways
Herc Holdings reported a 6% increase in total revenues to $965 million, driven by a 13% increase in equipment rental revenue. Net income rose by 8% to $122 million, and adjusted EBITDA increased by 9% to $446 million. The company updated its full year 2024 equipment rental revenue growth and gross and net rental capital expenditures guidance ranges, while reaffirming its adjusted EBITDA guidance range.
Equipment rental revenue reached a record $866 million, a 13% increase year-over-year.
Total revenues hit a record $965 million, up 6% from the previous year.
Net income increased by 8% to $122 million, with earnings per diluted share at $4.28.
Adjusted EBITDA rose by 9% to $446 million, with a margin of 46.2%.
Revenue by Segment
Forward Guidance
Herc Holdings updated its full year 2024 equipment rental revenue growth and gross and net rental capital expenditures guidance ranges, while reaffirming its adjusted EBITDA guidance range, presented below, which excludes the Cinelease studio entertainment and lighting and grip equipment rental business.
Positive Outlook
- The guidance range for the full year 2024 adjusted EBITDA reflects an increase of 6% to 9% compared to full year 2023 results, excluding Cinelease.
- Equipment rental revenue growth: 9.5% to 11%
- Adjusted EBITDA: $1.55 billion to $1.60 billion
- Net rental equipment capital expenditures after gross capex: $650 million to $700 million after gross capex of $950 million to $1 billion
- The Company expects to continue to gain share by capturing an outsized position of the forecasted higher construction spending in 2024 by investing in its fleet, optimizing its existing fleet, capitalizing on strategic acquisitions and greenfield opportunities, and 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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