Herc Rental revenues up 4.2 percent
Herc Holdings reported first-quarter equipment rental revenues of $320.6 million were 4.2 percent higher than the $307.8 million reported in the same period last year.
Total revenues of $389.4 million were up 6.5 percent from $365.6 million in last year's first quarter.
The company reported a net loss of $39.2 million, or $1.39 per diluted share, in the first quarter of 2017, compared to a net loss of $1.5 million, or 5 cents per diluted share, for the same period last year.
Rental revenues in key markets, excluding currency, increased 8.5% and pricing improved 1.7%, compared to the first quarter 2016.
The first quarter net loss reflected an increase of $31.3 million in interest expense related to debt issued in June 2016, stand-alone public company and other costs, and continued weakness in upstream oil and gas markets.
"Our revenues and pricing were strong in the first quarter despite the industry's normal seasonality and continuing headwinds in upstream oil and gas," said Larry Silber, president and chief executive officer. "Rental revenue growth in key markets was particularly robust, and we remain confident in our strategy. The continuing progress we are making in expanding our customer base and increasing revenue in key markets was offset by the impact of stand-alone public company costs, certain business transformation and other costs, and investments in our sales organization and branch operations.
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