Herc Holdings Q4 Results Miss Estimates; Sees Adj. EBITDA Growth In FY24

(RTTNews) - Herc Holdings Inc. (HRI), a full-line rental supplier, reported Tuesday that its fourth-quarter net income fell to $91 million or $3.20 per share from last year's $98 million or $3.27 per share.

Adjusted net income was $92 million or $3.24 per share, compared to $103 million or $3.44 per share, in the prior-year period.

Total revenues increased 6 percent to $831 million from $786 million a year ago.

Analysts on average expected the company to report earnings of $3.47 per share on revenues of $860.34 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2024, the company projects equipment rental revenue growth of 7 percent to 10 percent, and adjusted EBITDA of $1.55 billion to $1.60 billion, reflecting an increase of 6 percent to 9 percent compared to full year 2023 results, excluding Cinelease.

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