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Herc Holdings Reports 37% Increase in Equipment Rental Revenue in Q2

Original source: Business Wire

220721Herc.png

 Herc Holdings Reports Second Quarter and First Half 2021 Results: Equipment rental revenue increased 36.8% to $448.0 million, total revenues increased 33.4% to $490.9 million


– Net income increased to $47.1 million or $1.55 per diluted share


– Adjusted EBITDA expanded 39.0% to $207.7 million


– Adjusted EBITDA margin rose 170 basis points to 42.3%


– Pricing improved by 1.9%


– Year-to date free cash flow was $141.1 million


– The Company raised full year 2021 guidance for adjusted EBITDA to $840 million to $870 million and net capital fleet expenditures to $500 million to $550 million.


BONITA SPRINGS, Fla.--(BUSINESS WIRE)--Herc Holdings Inc. (NYSE: HRI) ("Herc Holdings" or the "Company") today reported financial results for the quarter ended June 30, 2021. Equipment rental revenue was $448.0 million and total revenues were $490.9 million in the second quarter of 2021, compared to $327.6 million and $368.0 million, respectively, for the same period last year. The Company reported net income of $47.1 million, or $1.55 per diluted share, in the second quarter of 2021, compared to $2.0 million, or $0.07 per diluted share, in the same 2020 period. Second quarter 2021 adjusted net income was $47.6 million, or $1.57 per diluted share, compared to net income of $7.3 million, or $0.25 per diluted share, in 2020. See page A-5 for the adjusted net income and adjusted earnings per share calculations.


"Our second quarter performance provides momentum for the rest of 2021," said Larry Silber, president and CEO. "Tight supply of new equipment and steady demand from a number of key markets have provided a positive operating environment. Second quarter total revenues were up 33% and adjusted EBITDA increased 39% compared with last year. Adjusted EBITDA margin rose 170 basis points year-over-year to 42.3% in the second quarter, reflecting solid overall performance and excellent growth in our specialty businesses."


Click source for full Q2 report



... GO TO 37% Increase in Rental Revenue TO READ MORE

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