Welcome to our dedicated page for Herc Holdings news (Ticker: HRI), a resource for investors and traders seeking the latest updates and insights on Herc Holdings stock.
Herc Holdings Inc. reports recurring developments tied to its North American equipment rental business, which operates through Herc Rentals Inc. The company is a full-line rental supplier with a classic fleet that includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction and lighting equipment.
Company updates commonly cover equipment rental revenue, fleet size, utilization, guidance, integration of acquired rental operations, and participation in large construction and industrial projects. News also includes specialty offerings such as Herc Rentals ProSolutions®, ProContractor professional grade tools, and the ProControl by Herc Rentals™ digital platform, along with investor conference appearances and workplace-related announcements.
Herc Holdings (NYSE: HRI) reported Q2 2024 results with record equipment rental revenue of $765 million, up 9% year-over-year. Total revenues increased 6% to $848 million. Rental pricing rose 3.5%, while volume increased 6.4%. However, net income decreased 8% to $70 million ($2.46 per diluted share). Adjusted EBITDA grew 2% to $360 million with a 42.5% margin.
The company saw deceleration in local market growth due to higher interest rates, offset by acquisitions and new locations. Mega project activity is ramping up for the second half. Herc reaffirmed its 2024 full-year guidance, expecting 7-10% equipment rental revenue growth and adjusted EBITDA of $1.55-1.60 billion.
Herc Holdings (NYSE: HRI) announced that it will release its second quarter 2024 financial results on July 23, 2024, before the market opens. Following the release, the company will hold an investor conference call at 8:30 a.m. ET to review the results. The conference call will likely include discussions on material business, financial, or other information not included in the press release. Interested parties can access the live webcast of the event at the company's Investor Relations website or via a specified link. For U.S. participants, the call can be accessed by dialing +1-800-715-9871. International participants can find the appropriate dial-in numbers through a provided directory link. An access code (9128891) is required for joining the call. Participants are advised to dial in 10 to 15 minutes before the scheduled start. A replay of the call will be available on the company website for 12 months.
Herc Holdings (NYSE: HRI) announced an upsized offering of $800 million in 6.625% senior unsecured notes due 2029. This increase from the initial $500 million offering was well-received, and the closing is anticipated around June 7, 2024, subject to customary conditions. The notes, guaranteed by current and future domestic subsidiaries, aim to repay part of the company's senior secured asset-based revolving credit agreement and cover associated costs. The offering was made under Rule 144A and Regulation S of the Securities Act, targeting qualified institutional buyers in the U.S. The notes are not registered under the Securities Act and cannot be offered in the U.S. without registration or an applicable exemption.
Herc Holdings announced a proposed private offering of $500 million in senior unsecured notes due 2029. These notes will be offered to qualified institutional buyers in the U.S. and internationally, exempt from registration under the Securities Act of 1933. The proceeds will be used to repay part of the company's existing debt under its revolving credit agreement and to cover related fees and expenses. The notes will bear interest payable semi-annually and will be guaranteed by Herc Holdings' domestic subsidiaries. The specific terms will be determined at the time of pricing.
Herc Holdings has announced a regular quarterly dividend of $0.665 per share. This dividend will be paid on June 14, 2024, to shareholders recorded by May 31, 2024. Herc Holdings continues to be a leading equipment rental supplier in North America, underscoring its commitment to returning value to shareholders.
Herc Holdings Inc. (NYSE: HRI) will participate in the Bank of America Transportation Airlines & Industrials Conference 2024 in New York City on May 14, 2024. The company's president and CEO, Larry Silber, and CFO, Mark Humphrey, will be part of a fireside chat discussion and webcast. Investors can access the webcast through the provided links.
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