April 23, 2023
Herc Holdings, Bonita Springs, Fla., reported record first quarter revenue of $740 million in 2023, up 30 percent compared to $568 million in the 2022 first quarter.
Equipment rental revenue for the 2023 first quarter was a record $654 million, up 24 percent compared to $527 million.
“We continue to build on our momentum coming out of 2022 with record first quarter revenue that significantly outpaced industry growth. Higher rental rates are more than offsetting inflation, while demand across regions and in our end markets is seasonally strong, benefiting from the multi-year fiscal stimulus, re-shoring and mega projects, as well as long-term industrial maintenance contracts for on-site fleet management,” said Larry Silber, president and CEO.
“While macro concerns are focused on residential and commercial construction, we have very diversified end markets, with growing share in manufacturing and reshoring projects, the private and government spend in infrastructure, as well as industrial MRO, which is required in all economic environments. Investments to capitalize on these opportunities are strategic and disciplined, whether it be in fleet, people or acquisitions,” Silber said. “As a tenured market leader with a strong reputation, a comprehensive product and service offering, broad capabilities and one of the leading teams in the industry, we will continue to execute on our strategies to win new business and deliver profitable growth.”
