Herc Shares Surge on 3Q Revenue Beat, Outlook Boost

Dow Jones10-23

By Chris Wack

Herc Holdings shares rose to their highest in nearly three years after the equipment-rental company posted revenue ahead of analysts' expectations and boosted its rental-revenue growth outlook.

Shares of the Bonita Springs, Fla., company traded as high as $195.69 earlier in the day, and are up 16% to $195.29 in afternoon trading.

Herc said its revenue for the quarter came in at $965 million, up from $908 million a year earlier. Analysts polled by FactSet were looking for revenue of $931.3 million.

The company said rental revenue grew 13%, primarily on robust growth from mega projects and contributions from recent acquisitions.

Quarterly net income was $122 million, or $4.28 a share, up from $113 million, or $3.96 a share a year earlier. Analysts had expected earnings of $129 million, or $4.40.

Adjusted earnings were $4.35 a share, below analyst expectations for $4.48 a share.

For fiscal 2024, the company raised its forecast for growth in equipment-rental revenue to 9.5% to 11%, from previous guidance of 7% to 10%.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 22, 2024 13:46 ET (17:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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