Equipment Rental Firm Herc Posts Mixed Q2 Results As Local Market Growth Slows
Portfolio Pulse from Shivani Kumaresan
Herc Holdings Inc (NYSE:HRI) reported mixed Q2 FY24 results with sales growth of 6% year-on-year to $848 million, beating estimates. However, adjusted EPS of $2.60 missed expectations. The company reaffirmed its FY24 guidance despite local market growth deceleration.
July 23, 2024 | 3:26 pm
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Herc Holdings Inc (NYSE:HRI) reported mixed Q2 FY24 results with sales growth of 6% year-on-year to $848 million, beating estimates. However, adjusted EPS of $2.60 missed expectations. The company reaffirmed its FY24 guidance despite local market growth deceleration.
While Herc Holdings beat revenue estimates, the miss on adjusted EPS and the deceleration in local market growth due to higher interest rates create a mixed outlook. The reaffirmation of FY24 guidance provides some stability, but the market reaction may remain cautious.
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