Equipment rental revenue was $765 million in the third quarter for Herc Holdings, up 8% over the $706 million reported in the same period a year ago. Total revenue for the company was up 22% to $908 billion in the quarter, up from $745 million.
The year-over-year increase of $163 million was primarily related to an increase in equipment rental revenue of $59 million, reflecting positive pricing of 6.9% and increased volume of 11.5%. Sales of rental equipment increased by $103 million during the period resulting from the return to more normal fleet rotation as deliveries become more predictable in certain categories of equipment.
“We continued to leverage our core strengths in market coverage, fleet management, pricing discipline, and a best-in-class team to deliver double-digit revenue and Adjusted EBITDA growth in the third quarter,” said Larry Silber, president/CEO, in a statement. “Over the course of the quarter, we also successfully rebalanced our fleet after a wave of back-ordered supply was delivered in the first half of the year. And, with the health of the supply chain improving, we were able to accelerate used-fleet sales after two years to refresh our offering and make way for the new equipment.”
Source: Herc Holdings
