Herc’s momentum continues in Q1

Herc Rentals has reported another record-breaking quarter, reporting total equipment rental revenue of $654 million, an increase of 24%, and record total revenues of $740 million, up 30%, for the three months ending March 31.  

Larry Silber, president and CEO, said higher rental rates offset inflation while demand across the company’s end markets and regions is seasonally strong and “benefiting from the multi-year fiscal stimulus, re-shoring and mega projects, as well as long-term industrial maintenance contracts for on-site fleet management.”

Herc also upped its guidance range for the full year, with the company now expecting 18 to 26% growth over 2022’s full-year results, and expects CapEx to range between $1.0 to $1.2 billion. For the first quarter, the company made three acquisitions (for a total of six locations) while opening three new greenfields, as well. 

Larry Silber, president and CEO, Herc Rentals. (Photo: Herc Rentals)

Silber said, “While macro concerns are focused on residential and commercial construction, we have very diversified end markets, with growing share in manufacturing and reshoring projects, the private and government spend in infrastructure, as well as industrial MRO, which is required in all economic environments. Investments to capitalize on these opportunities are strategic and disciplined, whether it be in fleet, people or acquisitions. As a tenured market leader with a strong reputation, a comprehensive product and service offering, broad capabilities and one of the leading teams in the industry, we will continue to execute on our strategies to win new business and deliver profitable growth.”

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Scaffold & Access Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest Events
How technology is revolutionizing MEWP training
Industry expert to provide in-depth look at how MEWP training is delivered at Working at Height Conference
Speaker announcement: TJ Lyons on MEWP safety at Working at Height conference
TJ Lyons to present on the philosophy of accident prevention at November event
First speakers announced for Working at Height Conference
John McClelland, TJ Lyons, Scott Owyen, Bart Krzysztofek and more come on board for Nov. 20 access and rental conference
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website