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Benzinga
Benzinga
Business
Shivani Kumaresan

Herc Holdings Shares Slide After Mixed Q1 Results

    • Herc Holdings Inc (NYSE:HRI) reported first-quarter FY22 sales growth of 25% year-on-year to $567.3 million, beating the consensus of $554.02 million.
    • Equipment rental revenue increased 31.6% Y/Y to $526.8 million.
    • Pricing increased 4.3% compared to the same period in 2021.
    • Selling, general and administrative expenses rose 36.5% Y/Y to $89.4 million.
    • Adjusted EBITDA rose 28.3% Y/Y to $236.8 million, and the adjusted EBITDA margin increased 100 basis points Y/Y to 41.7%.
    • Cash and equivalents totaled $22.8 million as of March 31, 2022.
    • EPS of $1.95 missed the analyst consensus of $1.96.
    • Outlook: Herc raised FY22 adjusted EBITDA guidance to $1.175 billion - $1.245 billion from the prior view of $1.075 billion - $1.175 billion.
    • Price Action: HRI shares are trading lower by 4.76% at $150.16 on the last check Thursday.
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