Herc Holdings reports quarterly revenue increase of 33.4 percent

Herc Holdings, Bonita Springs, Fla., today reported earning $490.9 million in total revenue during the 2021 second quarter, up 33.4 percent compared to $368.0 million in the prior-year period. The year-over-year increase of $122.9 million was related primarily to an increase in equipment rental revenue of $120.4 million. Sales of new and old rental equipment were essentially flat compared with the prior year.

Equipment rental revenue was $448.0 million in the 2021 second quarter, up 36.8 percent compared to $327.6 million in the prior-year period.

Total revenues for the first half of 2021 were $944.7 million, up 17.5 percent compared to $804.2 million in the prior-year period. The year-over-year increase of $140.5 million was related primarily to an increase in equipment rental revenue of $134.3 million and sales of rental equipment were nearly flat.

Equipment rental revenue was $848.4 million, up 18.8 percent compared to $714.1 million in the prior-year period.

“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 percent and adjusted EBITDA increased 39 percent compared with last year. Adjusted EBITDA margin rose 170 basis points year-over-year to 42.3 percent in the second quarter, reflecting solid overall performance and excellent growth in our specialty businesses.”