ARA’s quarterly economic forecast updates CIE rental revenues
The American Rental Association (ARA) has released an updated forecast for the construction and industrial equipment rental industry. In the quarterly update, the ARA presented significant changes in the economic forecast, particularly for construction and industrial equipment (CIE) rental revenues. In the previous forecast, CIE rental revenue was expected to reach $45.5 billion in 2023 and $46.7 billion in 2024. With new...
Herc Holdings reports strong Second Quarter 2023 results and reaffirms full-year 2023 Guidance
Record equipment rental revenue of $702 million, an increase of 16% Record total revenues of $802 million, an increase of 25% Net income increased to $76 million, or $2.66 per diluted share, an increase of 12% Adjusted EBITDA of $352 million increased 24%; adjusted EBITDA margin at 43.9% Rental pricing increased 7.8% year-over-year Common stock repurchases of approximately 520,000 shares Herc Holdings Inc. has reported financial...
Herc Rentals recognized among America’s Climate Leaders 2023
Herc Holdings, Inc., a North American equipment rental supplier operating through Herc Rentals Inc., has been included on USA TODAY’s list of America’s Climate Leaders 2023. This distinction is presented by USA TODAY and Statista Inc., a world-leading statistics portal and industry ranking provider, to U.S. companies that achieved comparably significant reductions in Scope 1 and 2 greenhouse gas emissions intensity, relative to...
ARA’s quarterly forecast reveals economic optimism reflected in rental operator attitudes
The outlook calls for greater growth than the previous quarter’s projection The American Rental Association (ARA) indicates in its updated forecast that the United States equipment rental industry’s growth will soften but still grow. Last quarter, the year-over-year growth was expected to be 4.7 percent in 2023 and 2.1 percent in 2024. The most current projections indicate 7.6 percent growth in 2023 totaling $60.4 billion in...
Rental industry pioneer Bill Bulter dies
William “Bill” Butler, one of the pioneers of the rental industry in Southern California, died on January 10th at the age of 83. William “Bill” Butler, one of the pioneers of the rental industry in Southern California, died this week at the age of 83. Butler was born March 11, 1939, and died January 10, 2023. Butler started Able Equipment Rental in 1961 at the age of 22, starting with a “handshake” and a Quonset hut in Santa Fe...
Texas First Rentals, a Division of HOLT, acquires Rental One
Texas First Rentals®, a division of HOLT, announced that it has acquired Rental One, a full-service equipment and storage container rental company offering a complete line of construction equipment and supplies in 15 locations throughout the Dallas-Fort Worth Metroplex and Central Texas regions. Texas First Rentals, a construction equipment rental company, offers rental solutions through its full line of aerial, dirt, and portable...
ARA forecast remains bullish on equipment rental revenue growth despite headwinds
Today’s economic indicators are mixed and uncertain, but all continue to point toward significant growth for equipment rental revenue in the U.S. according to the latest quarterly update of the five-year forecast released by the American Rental Association (ARA). The update, released Aug. 3, projects equipment rental revenue, including the construction and general tool segments, to grow 11.2 percent to nearly reach $55.9 billion in...
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