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NEW YORK - Herc Holdings Inc. (NYSE:HRI) reported mixed fourth-quarter results on Thursday, with revenue beating expectations but earnings falling short.
The equipment rental company’s shares edged up 1.99% following the announcement.
Herc Holdings reported adjusted earnings per share of $3.58 for the fourth quarter, missing analyst estimates of $3.94. However, revenue came in at $951 million, surpassing the consensus forecast of $929.35 million.
The company’s equipment rental revenue reached a record $839 million in Q4, representing a 12% increase YoY. Total (EPA:TTEF) revenue for the quarter rose 14% to $951 million compared to the same period last year.
"In 2024, despite a more challenging market than anticipated, we delivered another year of record results, significantly outperforming industry revenue growth," said Larry Silber, president and CEO of Herc Holdings.
For the full year 2024, Herc Holdings reported record equipment rental revenue of $3.19 billion, an 11% increase from the previous year. Total revenue for 2024 reached $3.57 billion, up 9% YoY.
Looking ahead to 2025, Herc Holdings provided guidance excluding its Cinelease studio entertainment business, which is expected to be sold this year.
The company projects equipment rental revenue growth of 4% to 6% and adjusted EBITDA between $1.575 billion and $1.650 billion.
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