Herc Holdings(US:HRI)2025-02-13 11:31Financial Performance - Total revenues for 2024 reached $3,568 million, a 9% increase compared to $3,282 million in 2023[6] - Adjusted net income for 2024 was $367 million, or $12.88 per diluted share, a 5% increase from the prior year[12] - Adjusted EBITDA for 2024 increased 9% to $1,583 million, with an adjusted EBITDA margin of 44.4%[12] - Total revenues for Q4 2024 reached $951 million, a 14.5% increase from $831 million in Q4 2023[25] - Equipment rental revenue for the year ended December 31, 2024, reached $3,189 million, an increase of 11.1% from $2,870 million in 2023[40] - Adjusted earnings per diluted share for the year ended December 31, 2024, were $12.88, compared to $12.30 in 2023, reflecting a growth of 4.7%[42] Revenue and Rental Growth - Record equipment rental revenue of $839 million in Q4 2024, an increase of 12% year-over-year[6] - Equipment rental revenue was $839 million, up 12.1% from $748 million year-over-year[25] - Rental pricing increased by 3.2% year-over-year in 2024[6] - For 2025, the company expects equipment rental revenue growth of 4% to 6% and adjusted EBITDA between $1.575 billion and $1.650 billion[15] Cash Flow and Debt - Free cash flow for the year ended December 31, 2024, was $314 million[6] - Free cash flow for the year ended December 31, 2024, was $314 million, a significant improvement from a negative free cash flow of $(65) million in 2023[47] - Net debt as of December 31, 2024, was $4.0 billion, with net leverage of 2.5x[13] - Long-term debt rose to $4,069 million in 2024, up from $3,673 million in 2023[27] - Interest expense for the year ended December 31, 2024, was $260 million, an increase from $224 million in 2023[40] Acquisitions and Expansion - The company completed nine acquisitions and opened 23 new greenfield locations in 2024[13] - The company plans to continue expanding its rental equipment fleet and investing in new technologies to enhance operational efficiency[31] Asset and Expense Management - Total assets increased to $7,877 million as of December 31, 2024, compared to $7,061 million in 2023[27] - Total expenses for the three months ended December 31, 2024, were $994 million, compared to $708 million in the same period of 2023, indicating a rise of 40.4%[37] - The company incurred a loss on assets held for sale amounting to $194 million in Q4 2024[25] - The company reported a loss on assets held for sale of $194 million for the year ended December 31, 2024[42] Dividend and Shareholder Returns - The company declared a quarterly dividend of $0.665 per share, paid on December 27, 2024[13] Quarterly Performance - Net loss for Q4 2024 was $46 million, compared to a net income of $91 million in Q4 2023[25] - Adjusted EBITDA for the year ended December 31, 2024, was $1,583 million, reflecting a margin of 44.4%[40] - Adjusted EBITDA margin for Q4 2024 was 46.1%, slightly up from 46.0% in Q4 2023[33]