Herc Holdings Q2 Result Tops Consensus; Raises FY21 Guidance

  • Herc Holdings Inc HRI reported second-quarter FY21 net revenue growth of 33.4% year-on-year to $490.9 million, beating the analyst consensus of $459.79 million.
  • Equipment rental revenue increased 36.8% Y/Y to $448.0 million.
  • Selling, general and administrative expenses rose 30.3% Y/Y to $74.0 million.
  • Adjusted EBITDA rose 39.0% Y/Y to $207.7 million, and Adjusted EBITDA margin increased 170 basis points Y/Y to 42.3%.
  • Cash and equivalents totaled $34.6 million as of June 30, 2021.
  • EPS of $1.57 beat the analyst consensus of $1.24.
  • "Tight supply of new equipment and steady demand from a number of key markets have provided a positive operating environment," said CEO Larry Silber.
  • The company said it is reviewing the capital allocation plan, with net leverage now below the target range of 2x to 3x.
  • Outlook: Herc raised FY21 adjusted EBITDA guidance to $840 million - $870 million from the prior view of $800 million - $840 million.
  • Price action: HRI shares are trading higher by 0.90% at $118.5 on the last check Thursday.
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