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- Herc Holdings Inc 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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