Herc Holdings Inc. - HRI STOCK NEWS

Herc Holdings Inc. (NYSE: HRI) has elected Rakesh Sachdev as a director on its Board, effective December 2, 2021. Mr. Sachdev brings extensive experience as a former CEO of Platform Specialty Products and Sigma Aldrich, along with significant financial and operational leadership roles. Concurrently, Mary Pat Salomone retires from the board, concluding her tenure since the company's independence. Herc Holdings operates around 300 locations and reported total revenues of approximately $1.8 billion in 2020, focusing on equipment rental services.

Herc Holdings Inc. (NYSE: HRI) has successfully acquired Rapid Equipment Rental Limited, a Toronto-based general equipment rental company with seven locations and 110 employees, enhancing its presence in the Greater Toronto Area. Additionally, Herc has acquired SkyKing Lift Rentals in Chicago, expanding its local footprint to six locations. CEO Larry Silber emphasized improved market coverage for diverse customer needs in construction and industrial sectors. Herc Rentals operates approximately 300 locations across North America and reported revenues of approximately $1.8 billion in 2020.

Herc Holdings Inc. (NYSE: HRI) has acquired the assets of Reliable Equipment, LLC, enhancing its equipment rental capabilities in New England. This acquisition adds eight physical locations, improving customer service and operational efficiency. Reliable Equipment, established in 2010, operates in the Boston metropolitan area and provides a diverse rental fleet. The deal aligns with Herc's strategy to expand in urban markets and positions it better for growth in a dynamic market.

Herc Holdings reported strong financial results for Q3 2021, with equipment rental revenue increasing by 29.2% to $519.6 million and total revenues rising 20.5% to $550.4 million. Net income reached $72.3 million or $2.37 per diluted share, up from $39.9 million in Q3 2020. Adjusted EBITDA grew 25.0% to $245.9 million, with an improved margin of 44.7%. Free cash flow for the year-to-date was $114.6 million. The company declared its first quarterly dividend of $0.50, payable on November 4, 2021.

Herc Holdings Inc. (NYSE: HRI) has entered a purchase agreement to acquire Toronto-based Rapid Equipment Rental Limited, a general equipment rental company with seven locations in the Greater Toronto Area. The deal is slated to close in Q4 2021 and aims to enhance Herc's market presence in a region with a potential rental revenue exceeding $1 billion. The acquisition is expected to be accretive to earnings in the first year, aligning with Herc's strategy of expanding in urban markets to improve scale and profitability.

Herc Holdings Inc. (NYSE: HRI) will host its Q3 2021 earnings call on October 21, 2021, at 8:30 a.m. EDT. A press release with financial results will be issued the same day before the call. Interested parties can join the live call by dialing +1-877-883-0383 for U.S. participants or +1-412-902-6506 for international participants, using access code 5039902. The event will be webcasted, and replays will be available after the call. Herc Holdings, a leading equipment rental supplier in North America, reported approximately $1.8 billion in total revenues for 2020.

Herc Holdings Inc. (NYSE: HRI) announced at its Investor Day that it has raised its adjusted EBITDA guidance for 2021 to $870 million to $890 million, and set guidance for 2022 at $1.05 billion to $1.15 billion. The company aims for 12% to 15% organic CAGR growth in rental revenue and 17% to 20% in adjusted EBITDA from 2021 to 2024. A quarterly dividend of $0.50 per share will be paid on November 4, 2021. The company is focusing on expansion through organic growth and acquisitions.

Herc Holdings Inc. (NYSE: HRI) is hosting its Investor Day today from 4:00 PM to 5:30 PM EDT. Key management, including CEO Larry Silber and CFO Mark Irion, will present and engage with participants. Herc Holdings is a major equipment rental supplier in North America, operating 280 locations with diverse equipment offerings, including aerial and earthmoving machinery. In 2020, the company reported revenues of approximately $1.8 billion. For more information and to register for the event, visit hercrentals.connectid.cloud/register.

Herc Holdings Inc. (NYSE: HRI) has announced the acquisition of Dwight Crane Ltd. and its U.S. affiliate, LRX LLC. This acquisition aims to enhance Herc's entertainment-related rental portfolio, which already includes brands like Herc Entertainment Services and Cinelease. Dwight Crane, based in Ajax, Ontario, has over 40 years of experience in the film and event rental sector, providing equipment like aerial lifts and lighting trucks. The strategic move is expected to strengthen Herc's presence in North America's entertainment market and introduce cutting-edge technologies.