Herc Holdings reported fourth quarter equipment rental revenue of $414.5 million compared to $356.7 million in the fourth quarter of 2016, a 16.2-percent increase. Total revenue was $491.7 million, up from $405.2 million a year ago, a 21.3-percent hike.
Herc reported net income of $214.3 million in the fourth quarter compared with a net loss of $13.2 million in Q416.
The 16.2-percent fourth quarter equipment rental revenue was on a 3.6-percent increase in average fleet at original cost compared to the fourth quarter of 2016. Overall pricing improved 3 percent in the quarter and dollar utilization increased 360 basis points to 38.7 percent in the fourth quarter of 2017. Adjusted EBITDA increased 22 percent to $177.8 million in the fourth quarter, compared to $145.7 million in 2016.
“Our strong fourth quarter and full year 2017 results reflect the ongoing implementation of our strategic initiatives,” said Larry Silber, president and CEO. “Growth in rental revenue benefited from a combination of strong customer demand, improved fleet mix and pricing optimization as our strategic initiatives continued to focus on urban markets and customer diversification. The traction we are gaining with our own initiatives, together with the overall health of the economy and the potential for increased infrastructure spending and other investments resulting from tax reform, increase our confidence that we are on the right track.”