Tue, Jul 23, 10:33 AM (46 days ago)
Herc Holdings Inc. reported a solid Q2 2024 performance, with total revenues rising by 6% YoY to $848 million, driven primarily by a 9% increase in equipment rental revenue. However, net income dipped slightly by 8% to $70 million due to higher operating expenses and interest costs. Direct operating expenses surged 16% YoY, reflecting increased personnel costs, delivery expenses, and facility costs. Depreciation of rental equipment rose 2%, aligning with fleet expansion. The company issued $800 million in 2029 Senior Notes to repay part of its ABL Credit Facility. Herc's liquidity remains robust with $70 million in cash and $2 billion available under credit facilities. Despite economic uncertainties, Herc is well-positioned for future growth, supported by strategic acquisitions and a diversified revenue base.