Herc Holdings Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $965 million, a 6% increase from $908 million in Q3 2023. Equipment rental revenues were particularly strong, rising to $866 million from $765 million, driven by a 10.7% increase in equipment volume on rent and a 2.3% increase in pricing. For the nine months ended September 30, 2024, total revenues increased to $2,617 million, up from $2,450 million in the prior year.
Net income for Q3 2024 was $122 million, reflecting an 8% increase from $113 million in Q3 2023. For the nine-month period, net income slightly rose to $257 million from $256 million. Basic earnings per share for Q3 2024 were $4.30, up from $3.99 in the same quarter of 2023, while diluted earnings per share also increased to $4.28 from $3.96.
Total expenses for Q3 2024 were $805 million, compared to $762 million in Q3 2023, with direct operating expenses rising by 16% due to increased personnel, maintenance, and facility costs. Interest expense also increased by 15% due to higher borrowings for acquisitions and equipment investments.
Herc Holdings made strategic acquisitions, including the purchase of Otay Mesa Sales for approximately $273 million, which contributed $17 million in revenue since acquisition. The company closed on eight acquisitions during the nine months ended September 30, 2024, with a net cash outflow of $567 million.
The balance sheet showed total assets increasing to $8,172 million as of September 30, 2024, up from $7,061 million at the end of 2023. Current assets rose to $851 million, with cash and cash equivalents doubling to $142 million. However, total current liabilities also increased to $697 million, and long-term debt rose to $4,163 million from $3,673 million.
Cash provided by operating activities for the nine months ended September 30, 2024, was $894 million, up from $796 million in the prior year. The company reported a net change in cash and cash equivalents of $71 million, compared to $17 million in the same period of 2023.
Overall, Herc Holdings Inc. demonstrated robust revenue growth and profitability, supported by strategic acquisitions and improved operational efficiency, despite rising expenses and debt levels.
About HERC HOLDINGS INC
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