February 15, 2022
Herc Holdings reported rental revenue of $1.91 billion for fiscal 2021, up 23.8% from 2020, when revenue was $1.78 billion. Net income for the year was $224.1 million.
Total revenue was $2.07 billion for the year, up 16.4%. The company said their increase “was primarily related to an increase in equipment rental revenue of $366.7 million, partially offset by reduced rental equipment sales of $85.4 million.”
The company said the reduction in sales was the result of “the strategic management of our fleet to maximize fleet size and minimize rental equipment sales.”
Net rental equipment capital expenditures for 2021 were $486.9 million. Gross capital expenditures for rental equipment were $593.8 million compared to $344.1 million for the comparable period last year. Disposal proceeds were $106.9 million compared to $192.5 million last year.
The total value of the fleet was approximately $4.4 billion at original equipment cost (OEC). OEC’s average fleet in the fourth quarter grew 14.9% year-on-year compared to the prior year period.
The average age of the fleet was 49 months as of December 31, 2021, compared to 46 months for the comparable period of the previous year.
Source: Herc Holdings