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Herc Holdings reports strong first quarter 2024 results

By Stephen Elliott

April 28, 2024

Herc HoldingsHerc Rentals, Bonita Springs, Fla., reported record first quarter revenue of $804 million in 2024, up 9 percent compared to $740 million in the 2023 first quarter. Equipment rental revenue for the 2024 first quarter was a record $719 million compared to $654 million in the 2023 first quarter.

“We are off to a strong start in 2024, achieving record first-quarter revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) margin as we continue to capitalize on key growth markets, like semiconductor, data centers, renewables and public infrastructure, while also investing in our network scale through greenfields and acquisitions, and elevating our higher-return specialty product lines,” said Larry Silber, president and CEO, Herc Rentals. “Once again, our teams are delivering for customers both in the local markets and at the national level, capitalizing on our broad geographic coverage and strong demand for our products and services.

“We are making progress against each of our key 2024 priorities — enhancing our customer experience through our E3 business operating system, managing fleet efficiency and expenses with discipline, and scaling our network through greenfield locations and acquisitions in top 100 metropolitan markets,” Silber continued. “Based on this strong performance and current line-of-sight to market trends, we are affirming our annual performance targets, excluding Cinelease, of 7-10 percent year-over-year equipment rental revenue growth and adjusted EBITDA of $1.55 billion to $1.60 billion for 2024.”

The company completed four acquisitions with a total of 11 locations and opened four new greenfield locations during the quarter.