Herc makes ‘strong start’ to 2024

Herc Rentals has reported record first quarter total revenues of $804 million for the three months that ended March 31, 2024, an increase of 9% compared to $740 million in the prior-year. Rental revenues were up 10% for Q1 at $719 million for the same period.

(Photo: Herc Rentals)

Larry Silber, president and CEO, Herc Rentals. (Photo: Herc Rentals)

“We are off to a strong start in 2024, achieving record first-quarter revenue and adjusted EBITDA 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 chief executive officer of 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.”

Herc also reported that it completed four acquisitions in Q1, adding 11 locations while additionally opening four greenfield locations for a total of 15 new locations. 

As of March 31, the company’s total fleet was approximately $6.4 billion at OEC, an increase of 10% over 2023 Q1, and its average fleet age was 47 months. 

“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,” said Silber.

“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% yearover-year equipment rental revenue growth and adjusted EBITDA of $1.55 billion to $1.60 billion for 2024.”