HERC operating profits up 72% in second quarter
By Lindsey Anderson29 July 2013
Hertz Equipment Rental Corp. (HERC) reported a 14.7% increase in revenues to $384.3 million for its second quarter with operating profits up 72% to $48.2 million over first quarter results.
Worldwide revenues increased 14.7% year-over-year, with a 17.4% rental revenue increase in North America. The U.S. alone saw a 16.7% increase in rental revenue. Increases were driven by stronger equipment rental volumes, which were up 16.4%, along with a 3.6% increase in pricing. Both industrial and improving construction markets saw volume increases, and the company attributed further growth toward oil and gas, specialty markets and an uptick in non-residential construction.
“We are well positioned to take advantage of the construction upturn,” said Mark Frissora, chairman and chief executive officer. “Non-residential momentum is building and more companies are turning toward renting versus buying equipment.”
Overall, Hertz reported second quarter 2013 worldwide revenues of $2.7 billion, an increase of 22% year-over-year.