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ARA’s US & Canada third-quarter economic forecast released

Thu, 15 Aug 2024 21:39:11 +0000

In its updated forecast, the American Rental Association (ARA) indicates that the United States equipment rental industry’s 2024 growth projection indicates softening. The most current projections indicate an 8.9% revenue increase in 2024, totaling $78.7 billion in construction and general tool rental revenue, and a 5.3% growth in 2025. This is a decrease from last quarter’s projected 9.7% increase, totaling $79.2 billion. Broken down by segment, construction and industrial rental revenue (CIE) is projected to be $62.3 billion, and general tool rental revenue is expected to total $16.4 billion. “While the rental industry and opportunities continue to expand, we are experiencing softer growth,” states Tom Doyle, ARA vice president of program development. “The ARA quarterly survey results confirm this softening.” “The forecast for construction and industrial has not changed much since last quarter, perhaps a few tenths of basis points, but there has been more change to general tool,” says Scott Hazelton, managing director at S&P Global. “The market is still doing well but slowing. Next year’s GDP growth is lower than trend at 1.6% growth, the trend is around 2.1%. The overall view of rental is positive moving forward, but there is uncertainty out there.” Kurt Barney, president of Vandalia Rental, Vandalia, Ohio, adds, “Largely what we’re seeing is softening growth as well. We’re seeing pricing elasticity. It’s no longer, ‘Do you have it?’ We’re back to doing business like 2019 when we have to really communicate the value proposition of working with us.” Barney also says, “We’re balancing rate pressures, supply chain, and mix of the fleet in a softening environment, especially on the earthmoving side. As interest rates begin to decline, I think it will take some of the projects off the sidelines. The quarter and half points have a huge impact on those projects. The rental model and proposition has never been stronger. It’s a good place to be.” The updated Canadian equipment rental revenue forecast shows a 6.6% growth, totaling $5.75 billion, compared to last quarter’s projection of 7.2% growth, totaling $5.79 billion. Broken down by segment, general tool and construction and industrial equipment (CIE) are expected to grow. Canadian general tool revenue this year is projected to be 6.8%, $1.08 billion, and Canadian CIE revenue in 2024 is projected to be $4.67 billion. Rob Wilson, chief operating officer of Stephenson’s Rental Services, Mississauga, Ontario, says, “What we’re seeing across our markets is pretty slow, but Stephenson’s is still growing. It’s a mixed bag. Residential activity represents 60% to 65% of those markets, and that activity is down.” Wilson is optimistic that the latter half of 2025 will be very strong. The 2025 projection for Canada’s combined rental revenue is $6.14 billion, a 6.7% year-over-year growth. Broken down by segment that equals $1.14 billion in general tool rental revenue and $5 billion in CIE rental revenue. “I wouldn’t characterize Canada’s economy as robust, but CIE is one of the strongest investments in particular,” says Hazelton. “We do expect the economy to get stronger as a whole by 2027.” What’s driving this forecast? S&P Global believes that interest rates will not come down until December, despite the chair of the Federal Reserve, Jerome Powell’s most recent testimony. Powell wants to see inflation stay under control before any moves are made. Hazelton also believes that when the cuts come, they will come slowly. “We [S&P Global] also see a downshift in GDP from 2.4% growth this year to 1.6% growth next year,” says Hazelton.

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REIC acquires Bigfork Rentals

Thu, 27 Jun 2024 22:11:37 +0000

Rental Equipment Investment Corp. (REIC), a portfolio company of Kinderhook Industries, LLC, has announced its acquisition of Bigfork Rentals, Inc., based in Kalispell, Montana. This move is part of REIC’s strategic aim to expand its footprint in Montana, enhancing its rental equipment offerings and market presence. Kinderhook Industries, known for its focus on middle-market businesses, supports REIC in leveraging growth opportunities within the equipment rental sector. By integrating Bigfork Rentals into its operations, REIC aims to bolster its service capacity and customer reach in the region. Bigfork represents REIC’s ninth add-on acquisition under Kinderhook’s ownership and its 21st since inception. Financial terms of the transaction were not disclosed. Greg Gallagher, REIC CEO, said: “Bigfork has established a reputation for providing high-quality equipment and service. The acquisition enhances REIC’s presence in Flathead and Lake counties in Montana, enabling us to better serve our customers in the region.” “I am excited to have completed the sale of the company to REIC,” said Steve Ricci, Bigfork owner. “I want to thank all of our employees and customers for their work and loyalty over the years to build Bigfork into what it is today. I also want to thank the rental industry for all their support and for the opportunity to serve their members.” “The geographic proximity of Bigfork to our other general rental locations makes this acquisition highly strategic for REIC as we continue to build density,” said Paul Cifelli, managing director, of Kinderhook. “We are excited for REIC to continue its acquisitive track record that has established the business as the partner of choice in the ongoing consolidation of the equipment rental industry.” Caldera Law served as legal counsel to REIC. Financing for the transaction was provided by a syndicate led by PNC Bank, National Association with participation from Flagstar Bank, N.A., Axos Bank, BancAlliance Inc., Bank Hapoalim B.M., First Merchants Bank, U.S. Bank National Association, Stifel Bank, MUFG Bank, Ltd., Capital One, National Association.

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ARA’s quarterly economic forecast updates CIE rental revenues

Tue, 08 Aug 2023 17:17:55 +0000

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 considerations, the CIE rental revenue is expected to total $56 billion this year and $59 billion in 2024. There are two factors underpinning these changes. The first is the data on non-residential construction spending used in the model and the second is the increasing importance of ‘specialty rental’ to overall rental revenues. Recent analysis by economists at the Federal Reserve Board has suggested that data for non-residential construction spending produced by the U.S. Census Bureau has underestimated non-residential construction spending by at least 20 percent since the second quarter of 2021. “The Fed economists’ analysis is both well-reasoned and analytically sound and we believe that this new information needs to be included in our revised forecast,” says John McClelland, Ph.D., ARA vice president for government affairs and chief economist. “The second change in our forecast is the inclusion of information about specialty rentals which has been a growing trend. Recent work by our partners at S&P Global has constructed a ten-year time series of specialty rental from multiple data sources. Incorporating this new information into our model now gives specialty rentals a larger share among the variables that forecast CIE revenues.” With current CIE forecasts including both traditional and specialty rental as the new industry measure, Canadian CIE rental revenues are expected to reach $4.4 billion in 2023 as opposed to previous forecasts totaling $3.7 billion. In 2024, Canadian CIE rental revenue is predicted to total $4.4 billion, an increase from the previous forecast of $3.8 billion. Canadian general tool equipment rental revenue is down slightly from the last forecast at $991 million. However, stronger growth is expected in 2024 and beyond as the forecast indicated 2024 revenue at $1 billion. In the United States general tool market, rental revenue growth will slow through 2023, totaling $14.9 billion this year. This is driven by weakness in residential construction markets. Growth in 2024 is predicted to slow as well, with revenues equaling $15.7 billion in 2024.

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Herc Holdings reports strong Second Quarter 2023 results and reaffirms full-year 2023 Guidance

Tue, 25 Jul 2023 19:46:25 +0000

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 results for the quarter ended June 30, 2023. Equipment rental revenue was $702 million and total revenues were $802 million in the second quarter of 2023, compared to $605 million and $640 million, respectively, for the same period last year. In the second quarter of 2023, the Company reported net income of $76 million, or $2.66 per diluted share, an increase of 12% compared to $73 million, or $2.38 per diluted share, in the same 2022 period. “We continue to generate strong, double-digit growth as a result of sound strategies and an unmatched team of product and logistics experts that embody a customer-first mindset,” said Larry Silber, president and chief executive officer. “In the second quarter, Team Herc increased equipment rental revenue by 16% on 7.8% higher pricing, despite continued supply chain inefficiencies and labor disruptions in the film and television industry, which has all but halted our studio entertainment business. Growth in national account revenue and local market expansion through acquisitions and greenfield locations drove rental revenue higher, while strong returns on fleet sales represented an incremental benefit to total revenue. This, coupled with cost efficiencies, supported a 24% increase in Adjusted EBITDA year over year. “Our non-residential and industrial markets are healthy and growing with outsized opportunities coming from federally funded, large-scale infrastructure and mega projects. The favorable market environment coupled with our expanding branch network, broad selection of premium equipment, leading customer experiences, comprehensive fleet management services and advanced technologies position us to continue to capture above-market growth in 2023 and over the long-term,” said Silber. 2023 Second Quarter Financial Results Total revenues increased 25% to $802 million compared to $640 million in the prior-year period. The year-over-year increase of $162 million primarily related to an increase in equipment rental revenue of $97 million, reflecting positive pricing of 7.8% and increased volume of 17.3%. Sales of rental equipment increased by $64 million during the period. Dollar utilization was 40.3% compared to 42.5% in the prior-year period. The change is primarily due to a slowdown in the studio entertainment business as a result of labor disruptions in the film and television industry, as well as the continued supply chain challenges that have disrupted the normal cadence of deliveries. Direct operating expenses of $282 million increased 14% compared to the prior-year period. The increase was primarily related to strong rental activity and associated additional headcount, in addition to higher maintenance and facilities expenses as we increase our fleet size and expand our branch network. Depreciation of rental equipment increased 24% to $161 million due to higher year-over-year average fleet size. Non-rental depreciation and amortization increased 22% to $28 million primarily due to amortization of acquisition intangible assets. Selling, general and administrative expenses was $111 million, or 14% higher primarily due to increases in general payroll and benefits, credit and collection expense, and selling expenses, including commissions and other variable compensation increases. Interest expense increased to $54 million compared with $25 million in the prior-year period due to higher interest rates on floating rate debt and increased borrowings on the ABL Credit Facility primarily to fund acquisition growth. Net income was $76 million compared to $73 million in the prior-year period. Adjusted net income increased 3% to $77 million, or $2.69 per diluted share, compared to $75 million, or $2.47 per diluted share, in the prior-year period. The effective tax rate was 26% in both periods. Adjusted EBITDA increased 24% to $352 million compared to $284 million in the prior-year period and adjusted EBITDA margin was 43.9% compared to 44.4% in the prior-year period. A decline in the Company’s studio entertainment revenue year over year, as well as sales of used equipment, which more than quadrupled over last year’s second quarter sales, impacted the margin performance in the latest quarter. 2023 First Half Financial Results Total revenues increased 28% to $1,542 million compared to $1,208 million in the prior-year period. The year-over-year increase of $334 million was related to an increase in equipment rental revenue of $224 million, reflecting positive pricing of 7.4% and increased volume of 20.0%. Sales of rental equipment increased $107 million during the first half of 2023. Dollar utilization decreased to 40.0% compared to 42.0% in the prior-year period. The change is primarily due to a slowdown in the studio entertainment business as a result of labor disruptions in the film and television industry, as well as the continued supply chain challenges that have disrupted the normal cadence of deliveries. Direct operating expenses of $563 million increased 19% compared to the prior-year period. The increase was primarily related to strong rental activity and associated additional headcount, in addition to higher fuel, maintenance and facilities expenses as we increase our fleet size and expand our branch network. Depreciation of rental equipment increased 26% to $313 million, due to higher year-over-year average fleet size. Non-rental depreciation and amortization increased 23% to $54 million primarily due to amortization of acquisition intangible assets. Selling, general and administrative expenses was $217 million, or 17% higher primarily due to increases in selling expenses, including commissions and other variable compensation, credit and collections expense, and general payroll and benefits. Interest expense increased to $102 million compared with $48 million in the prior-year period due to higher interest rates on floating rate debt and increased borrowings on the ABL Credit Facility primarily to fund acquisition growth. Net income was $143 million compared to $131 million in the prior-year period. Adjusted net income increased 9% to $146 million, or $5.03 per diluted share, compared to $134 million, or $4.41 per diluted share, in the prior-year period. The effective tax rate was 20% in the first half of 2023 compared to 21% in the

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Herc Rentals recognized among America’s Climate Leaders 2023

Wed, 24 May 2023 16:59:47 +0000

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 revenue, from 2019 to 2021. To be considered for inclusion on the list, companies must have reported $50 million or more in revenue in 2021 and met emission data reporting criteria. “A focal point of our sustainability efforts is reducing our greenhouse gas emissions and, since 2019, we have reduced Scope 1 and 2 GHG emissions intensity by 17%,” said Herc Rentals President and CEO Larry Silber. “Our recognition as one of America’s Climate Leaders for 2023 reflects the progress we are making on our sustainability initiatives and our continued efforts to reduce the environmental impacts of our business activities.” Herc Rentals’ ESG strategy and sustainability goals can be viewed here: https://ir.hercrentals.com/sustainability To view the list of America’s Climate Leaders 2023, visit www.usatoday.com

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ARA’s quarterly forecast reveals economic optimism reflected in rental operator attitudes

Tue, 09 May 2023 15:57:52 +0000

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 construction and general tool rental revenue. As for 2024, a 3.1 percent revenue increase is now expected. “While the growth has softened, we’re looking at a more optimistic outlook than we were a quarter ago. The recession fears we had have subsided,” says Scott Hazelton, managing director at S&P Global. “After talking with many manufacturers and operators at CONEXPO-CON/AGG and in the weeks after, it’s clear the headwinds are still there,” says Tom Doyle, ARA vice president of program development. “Inflation is still high, interest rates are still high and they may continue to rise, while issues remain with labor shortages and supply.” However, investment in the construction industry and construction employment approaches a record high. Also evident is rental companies’ adaptiveness. “I continue to marvel at the adaptability of our members. They have found ways to overcome these headwinds and provide solutions for their customers,” Doyle says. In Canada, equipment rental revenue growth is higher in 2023 compared to last quarter’s data due to inflation and resilient demand. At the end of 2022, the Canadian equipment rental revenue forecast for 2023 was -0.3 percent and 4.7 percent for 2024. Now, Canadian equipment rental revenue growth (construction and general tool combined) is projected to be 2.9 percent in 2023 and 4.3 percent in 2024, totaling $4.6 billion and $4.8 billion respectively. “Canada was able to avoid a technical recession, but the GDP remains weak, and that contributes to the new projections,” Hazelton says. “The big issue is the pullback on the residential market as home values have weakened and there is high inflation. However, The Bank of Canada is predicted to press pause on interest rate hikes, so consumer sentiment is improving.” Mike Savely, ARA director of program development, says, “ARA’s quarterly member survey reveals that not only is consumer sentiment improving, but rental operators also echo the optimism.” Savely adds, “Interestingly enough, the last couple quarters we’ve seen synchronicity from the top-down (S&P Global) and bottom-up (quarterly member survey) data, including projections and sentiments,” Savely says. “They’re both showing growth. Our members are benefitting from getting both the top-level economic picture and results of our internal surveys.” Last quarter, ARA members were asked about the current situation of equipment rental and 18 percent of respondents believed the situation was getting better. This quarter, 32 percent of respondents indicated a more positive outlook with 86 percent of respondents reflecting a generally positive sentiment. Looking to the second quarter, ARA members were asked if they expect a revenue change compared to the same quarter last year. Results show that 76 percent of respondents believe their revenues will increase compared to quarter two in 2022.

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Rental industry pioneer Bill Bulter dies

Mon, 16 Jan 2023 17:16:35 +0000

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 Springs, Calif. (just east of downtown Los Angeles), according to his daughter-in-law Pamela Butler. His son Jeffrey worked in the business for many years, and Jeff’s son William Jefferson “Jake” Butler, named for his grandfather, still works in the rental industry as a sales rep for H&E Equipment Services. In 1998, Butler sold his six-location company to United Rentals. Butler is survived by his wife Lois, and three children – Jeffrey (wife Pamela), daughter Pamela (married to Richard McKenney}, and daughter Patricia (married to Douglas Cook.) Butler is also survived by nine grandchildren and six great-grandchildren.

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Texas First Rentals, a Division of HOLT, acquires Rental One

Thu, 15 Dec 2022 19:50:33 +0000

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 power equipment. The equipment Texas First Rentals provides includes boom lifts, scissor lifts, excavators, generators, pumps, and trench safety equipment. “Rental One is an excellent strategic and cultural fit that complements our existing products and services,” said CEO and General Manager of HOLT, Peter J. Holt. “More importantly, Rental One is a multi-generational, family-owned Texas company. As a family-owned business ourselves, we know the value of such an organization and what that means to our customers.” Rental One, founded in 2004 in Colleyville, Texas, with equipment rental roots going back to the 1950s, is a family-owned, full-service equipment and storage container rental company offering a full line of well-maintained, quality construction equipment and concrete, safety, erosion control, and construction supplies throughout its locations. “Our team has worked to build a successful business with meaningful relationships that span three generations,” said Rental One President Mike O’Neal. “Our customers will benefit from a broader range of products and combined expertise as we join the Texas First Rentals team. We continue to be committed to providing customers with the best equipment and reliable service they have grown to know.” With this acquisition, the 300 current Rental One employees, including the leadership team, will become employees of Texas First Rentals and will continue to operate from current Rental One locations. “I’m confident joining a values-based organization is a positive move for us all,” said O’Neal. “We look forward to collaborating with the Texas First Rentals team to build upon our mutual success.” This acquisition will allow Texas First Rentals to expand its presence to a total of 40 locations in highly attractive regions poised for future growth.

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ARA forecast remains bullish on equipment rental revenue growth despite headwinds

Tue, 09 Aug 2022 20:58:32 +0000

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 2022. ARA expects growth of 6.2 percent in 2023, 2.5 percent in 2024, 3.3 percent in 2025, and 3.7 percent in 2026 to total more than $65.1 billion. “Rental revenue continues to experience significant growth, despite some headwinds in 2022. The longer-term forecast, while showing slower growth than this year, remains bullish. It is generally a good time to be in the equipment rental industry,” says Tom Doyle, ARA vice president for program development, “In these times of higher uncertainty, it is prudent to closely watch the driving factors to the forecast for changes that will affect build schedules for original equipment manufacturers (OEMs) or demand for rental companies. Depending on how long we have high inflation, supply chain constraints, labor shortages, and climbing interest rates, those econometric drivers can have an impact on the rest of 2022 and the outlook for 2023,” Doyle says. For construction equipment rental revenue, the forecast calls for a 12.5 percent increase in 2022 to surpass $41.6 billion, with growth slowing to 7 percent in 2023, 2 percent in 2024, 3 percent in 2025, and 3 percent in 2026. General tool growth is expected to be 7.4 percent in 2022 and then remain fairly steady with 5 percent growth in 2023, 3 percent in 2024, 5 percent in 2025, and 5 percent in 2026. The ARA forecast for equipment rental revenue in Canada, combining construction and general tool revenue, closely mirrors the outlook for the U.S., projecting growth of 14.4 percent in 2022 to $4.7 billion, 6 percent in 2023, 2 percent in 2024, 3.4 percent in 2025 and 3.3 percent in 2026 to exceed $5.4 billion.

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American Rental Association named Best Place to Work

Wed, 10 Nov 2021 02:09:23 +0000

Quad City headquarters sets the standard for workforce culture The American Rental Association (ARA) has been honored as the Best Place to Work 2021 by the Quad City Times. The recognition is based on an employee nomination and employee voting. The ARA topped the list of Best Places to work in a region with a strong manufacturing legacy. The area is also a business hub with more than 150 companies on Fortune’s 500 and 1000 lists. The ARA consists of 64 employees with headquarters in Moline, Illinois. The central goal of the organization is to support the success of 11,000 members across 52 countries and advance the rental industry through strategic pillars that include education, technology, market intelligence, consumer awareness, and workforce development. The designation as a Best Place to Work showcases the ARA’s commitment to workforce development by modeling the culture and support for employees. The result is a strong sense of pride and drive to contribute to the goals of the association. “There is a positive vibe within the organization and a positive attitude shared by all our employees and staff. That comes through to our members and makes people proud to be a part of the ARA,” said Keith Pearson, Rental Industry Workforce Development Director. “When you have a strong belief in the industry that you are a part of, and a belief in supporting that industry, you take pride in what you do.” The ARA has been a staple in the Quad Cities community since 1955, which includes Davenport and Bettendorf, Iowa, and Moline and Rock Island, Illinois.

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Herc Holdings to acquire Toronto-based Rapid Equipment Rental Limited

Mon, 18 Oct 2021 23:43:02 +0000

Herc Holdings Inc., a North American equipment rental supplier operating as Herc Rentals Inc., has announced that it has entered a purchase agreement to acquire Toronto-based Rapid Equipment Rental Limited (Rapid Equipment). The transaction is subject to customary closing conditions with a plan to close in the fourth quarter of 2021. Terms were not disclosed. Rapid Equipment, a full-service general equipment rental company founded in 2013, comprises approximately 110 employees and seven locations serving construction and industrial customers throughout the Greater Toronto Area (GTA) — one of the largest equipment rental markets in North America. “I look forward to welcoming Rapid Equipment to Team Herc,” said Larry Silber, president and chief executive officer. “Led by equipment rental veterans with substantial industry experience, Rapid Equipment has established a strong reputation throughout the GTA for exceptional customer service, top-quality equipment, and operational excellence. Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner across the GTA. “The addition of Rapid Equipment supports our long-term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and multi-geography customers. In particular, the GTA represents a strong growth opportunity with a potential market size exceeding $1 billion in equipment rental revenue. “We expect the acquisition to be accretive to earnings in the first year. We remain well-positioned to pursue growth through acquired operations, greenfield branches, and investment in key fleet categories as we continue to seek improved scale, profitability, and shareholder returns.”

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ARA forecast continues to call for significant increases in revenue and investment

Mon, 18 Oct 2021 22:08:24 +0000

Outlook for equipment rental revenue remains positive for 2021 and beyond The outlook for equipment rental revenue, comprised of the construction/industrial and general tool segments, remains positive for 2021 and beyond. The updated third-quarter forecast released by the American Rental Association (ARA) today at The ARA Show™ 2021 in Las Vegas, shows equipment rental revenue to exceed $47.6 billion in 2021, a 3 percent increase over 2020. While that number is slightly less than the second-quarter forecast, 2022 revenue now is expected to grow at a 9.9 percent clip to reach $52.4 billion, which will be a record for the equipment rental industry, topping the $50.9 billion recorded in 2019. The forecast also calls for equipment revenue increases of 5.5 percent in 2023, 2.5 percent in 2024, and 3.3 percent in 2025 to reach $58.6 billion. Construction equipment rental revenue leads the way with a 12.3 percent increase expected in 2022 to reach $38.7 billion while the general tool segment is forecast to grow 3.7 percent in 2022 to $13.66 billion. The forecast does not include the possible positive impact should Congress pass the Infrastructure Investment and Jobs Act of 2021 (IIJA). Scott Hazelton, director, economics and country risk, IHS Markit, Andover, Mass., says that as long as the timing of the infrastructure spending remains unclear, it makes it difficult to assess the rental forecast implications over time, but that the company, which provides data and analysis for the ARA Rentalytics forecasting service, expects infrastructure spending to have a positive impact on future rental revenue forecast updates. John McClelland, Ph.D., ARA vice president for government affairs and chief economist, agrees. “While there is uncertainty in Washington, D.C., about when the bipartisan infrastructure bill will pass, many Washington insiders believe it is only a matter of time. However, most of the benefits of increased infrastructure spending will not occur in 2022 because it takes time for projects to be approved and funding obligated. Once we have a clear indication of final passage, the team at IHS plans to incorporate that spending into the ARA Rentalytics forecast.” In addition, IHS Markit also is monitoring the market to see to what degree inflation, which has not been an issue for well over a decade, gets reflected in rental rate increases. For now, Hazelton says the outlook this quarter remains positive because the forecast for nonresidential construction has been steady and the American Institute of Architects billings index has moved into positive territory. “When that index indicates expansion for three consecutive months, there is a high likelihood that nonresidential construction will pick up 12 to 18 months later. While this only moves the nonresidential forecast from roughly flat to modest growth, it is enough to move rental equipment demand up,” Hazelton says. Equipment rental companies significantly cut investment in equipment in 2020 during the coronavirus (COVID-19) pandemic, like those in the construction and general tool segments spent 44.4 percent less in 2020, dropping investment in equipment to $7.64 billion. However, the forecast shows that investment in 2021 should grow by 36.2 percent to $10.4 billion, followed by another 36 percent increase in 2022 to total $14.2 billion and to increase 10.9 percent in 2023, 2.3 percent in 2024, and 3.8 percent in 2025 to total more than $16.6 billion. In Canada, equipment rental revenue is following a similar trend. According to the ARA forecast, construction and general tool rental revenue combined is expected to grow 18.9 percent in 2021 to reach $4.24 billion, topping the previous record total of $4.04 billion in 2018. Equipment rental revenue in Canada is expected to grow another 7.9 percent in 2022, 4.5 percent in 2023, 2 percent in 2024, and 1.9 percent in 2025 to reach $4.97 billion.

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ARA forecasts 3.5 percent increase for the rental equipment industry

Tue, 24 Aug 2021 23:47:52 +0000

The outlook for equipment rental revenue, comprised of the construction/industrial and general tool segments, has improved over the last quarter. The updated second-quarter forecast released by the American Rental Association (ARA) now calls for equipment rental revenue to exceed $47.8 billion in 2021, nearly a 3.5 percent increase over 2020 and greater than last quarter’s forecast that called for a 3.1 percent increase this year. Overall, the ARA forecast calls for a 9.68 percent increase in revenue in 2022 to reach nearly $52.5 billion, surpassing the equipment rental industry’s previous peak revenue of nearly $51 billion in 2019. Growth is expected to be 3.9 percent in 2023, 2.4 percent in 2024, and 3.5 percent in 2025 to total $57.7 billion. The revenue increases are fueled by the expected strong demand for construction and industrial equipment rental, particularly in 2022, when the segment’s revenues are expected to jump 11.9 percent to $38.9 billion, surpassing the record $37.7 billion in revenue set in 2019. Also, with the likely passage of the Infrastructure Investment and Jobs Act of 2021 (IIJA) by the U.S. Congress, the future forecast for equipment rental revenue in 2022 and beyond could be even more robust. “Once final passage occurs, we will have more specific analysis built into future forecasts, but at first glance, it looks like the IIJA could increase rental revenues by about $8 billion over the eight-year spending program the IIJA authorizes,” says John McClelland, ARA vice president for government affairs and chief economist. “That would roughly amount to an increase in rental revenues for construction and industrial equipment of 7.8 percent over the current forecast. While we need details on how and when the money will be spent to provide a more complete forecast on the IIJA’s impact on the equipment and event rental industry, early analysis is quite positive,” McClelland says. Scott Hazelton, director, economics and country risk, IHS Markit, says the timing of the infrastructure spending remains unclear, making it difficult to assess the rental forecast implications over time, but that the company, which provides data and analysis for the ARA Rentalytics forecasting service, expects to start incorporating the details into the next quarterly rental revenue forecast update. For now, Hazelton says the outlook this quarter is more positive than the first quarter because the forecast for nonresidential construction has improved and the American Institute of Architects billings index has moved into positive territory. “When that index indicates expansion for three consecutive months, there is a high likelihood that nonresidential construction will pick up 12 to 18 months later. While this only moves the nonresidential forecast from roughly flat to modest growth, it is enough to move rental equipment demand up,” Hazelton says. In addition, he says some of the $350 billion in undesignated funds to state and municipal governments in the American Rescue Plan is expected to be used for construction projects, which also translates into more demand for equipment rental. Perhaps the most interesting figures included in the forecast concern the outlook for investment. According to ARA Rentalytics, those in the construction and industrial segment are expected to increase investment this year by 48.1 percent to $7.2 billion and another 40 percent in 2022 to reach nearly $10.1 billion, surpassing the peak industry investment in equipment of $9.95 billion in 2019. “Investment in new equipment dropped precipitously — 51 percent — in 2020 and is now expected to rebound by 48 percent in 2021 and 40 percent in 2022. This forecast is supported by our analysis of industry metrics that show increases in physical utilization, fleet age, and fleet turnover,” McClelland says. “These measures suggest that there has been defleeting and aging of the fleet during the pandemic as a reaction to the resulting economic downturn. With the economy now in recovery, demand for rental equipment is increasing. With physical utilization already high, rental companies much make significant investments in the new fleet to meet that demand,” he says. In addition, investment in general tool equipment is expected to increase by 19.5 percent this year to reach $3.31 billion and then grow another 22. 1 percent in 2022 to teach $4.04 billion.

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United Rentals first quarter ’21 total revenue drops

Fri, 30 Apr 2021 00:51:44 +0000

United Rentals reported total revenues of $2,057 million in the first quarter of 2021 compared to $2,125 million in the first quarter of 2020, a 3.2-percent dip. Equipment rental revenue was $1,667 million in first-quarter 2021 compared to $1,783 million in the first quarter of 2020, a 6.5-percent decrease. The general rentals segment decreased year over year to $1,273 million for the quarter. Rental gross margin increased by 20 basis points to 32.3 percent. However, the specialty rentals segment, or Trench, Power and Fluid Solutions increased 1.3 percent during the quarter to $394 million. Rental gross margin increased by 50 basis points to 42.1 percent, primarily because of decreases in temporary labor and fleet repair costs. Net income for the quarter increased 17.3 percent year over year to $203 million, while net income margin hiked 180 basis points to 9.9 percent. The first quarter of 2020 included a $26 million non-cash asset impairment charge, not related to the coronavirus pandemic. Adjusted EBITDA for the quarter decreased 4.6 percent year over year to $873 million, which adjusted EBITDA margin dropped 70 basis points to 42.4 percent. “We were very pleased with our first-quarter results and the strong start to our year, as our key end-markets continue to rebound from the challenges of 2020,” said United Rentals CEO Matthew Flannery. “Sentiment among our customers continues to improve, and we are well prepared to support them as we enter the busiest part of our season. The recovery that we’ve seen since the middle of last year remains evident across our business, and virtually all indicators point to these trends continuing. As such, we are raising our full-year guidance to reflect our expectations for stronger growth in our core rental business and increased used equipment sales. Most importantly, we are leveraging our significant competitive advantages to add value for both our customers and our investors.” During the first quarter, United acquired Franklin Equipment, a 20-location rental company headquartered in Ohio. Subsequent to the quarter, on April 15, United agreed to acquire General Finance, a mobile storage rental specialist for $19 per share in cash, totaling $996 million including the assumption of $400 million in net debt. The acquisition is expected to close during the second quarter. United Rentals has updated its full-year outlook, including the contribution from the acquisition of Franklin Equipment, but not including the impact of the pending acquisition of General Finance Corp. The previous expectation for total revenue in 2021 was in the range of $8.625 to $9.025 billion. Now the company is expecting revenue within the range of $9.05 billion to $9.45 billion.

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ARA revenue forecast calls for modest growth in 2021 accelerating in 2022 and beyond

Mon, 16 Nov 2020 17:42:18 +0000

The American Rental Association (ARA) is forecasting a 13 percent decline in equipment and event rental revenue this year compared to 2019, dropping to $48.7 billion in the United States. However, the latest forecast released by the association on November 12 calls for modest overall growth in 2021, ticking up 0.3 percent to $48.9 billion, before accelerating recovery kicks in with the growth of 9.2 percent in 2022, 6.8 percent in 2023, and 4.8 percent in 2024 to reach $59.7 billion. The party and event segment is forecast to show the largest drop in 2020 revenue, down 38.9 percent to $2.2 billion. After so many rental stores saw business virtually disappear in the spring and early summer of 2020, the results set the stage for what will look like very favorable comparisons in 2021. For example, the ARA forecast calls for party and event rental revenue to grow by 36.4 percent in 2021 to reach $3 billion, but this recovery falls far short of making up for the 2020 decline. The segment, according to the forecast, is not expected to reach peak 2019 revenue levels again until 2024. Construction and industrial rental revenue also are forecast to finish 2020 with a significant hit in revenue, dropping 13.3 percent to $33.8 billion and a 3.3 percent decline is forecast for 2021 before double-digit growth of 11.2 percent comes in 2022. The general tool segment weathered the coronavirus (COVID-19) pandemic the best and is expected to finish 2020 down 5.2 percent to $12.7 billion and is expected to top its 2019 revenue peak by 2022. “The forecast shows us how hard the coronavirus pandemic hit the equipment and event rental industry. Hopefully, 2021 will see us getting back some of the revenue losses we experienced in the equipment and general tool segments. However, the event segment continues to have a steep hill to climb and we will be working hard to bring more relief to that segment through government stimulus programs,” says John McClelland, ARA vice president for government affairs and chief economist. Investment in equipment is significantly down in 2020, with a 43 percent decrease to $8.166 billion. Equipment spending is forecast to rebound by 17.4 percent in 2021 and by 46.3 percent in 2022 to surpass annual investment of $14 billion. In Canada, total rental revenue for 2020 is expected to come in at nearly $4.7 billion, down 15.2 percent compared to last year, before growing 7.3 percent in 2021, 8.3 percent in 2022, and 6.8 percent in 2023 to $5.83 billion, exceeding the industry 2019 peak of $5.54 billion. The party and event segment in Canada is expected to have the largest drop in revenue in 2020, down 28.5 percent to $172 million, but is forecast to bounce back in 2021 with 23.7 percent revenue growth and then surpass its peak 2019 revenue by 2023. Construction and industrial rental revenue in Canada are expected to show a decrease of 15 percent in 2020 to $3.768 billion, but then grow 7 percent in 2021 and 9.1 percent in 2022 and 7.4 percent in 2023. General tool rental revenue in Canada is forecast to decline by 12.76 percent in 2020 with revenue expected to show an increase of 5.1 percent in 2021 and 4.9 percent in 2022.

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Herc Holdings reports 12.5% 2020 third quarter revenue decrease and nine months results

Thu, 29 Oct 2020 21:32:51 +0000

2020 Third Quarter Highlights and Updated Guidance – Equipment rental revenue was $402.3 million and total revenues were $456.7 million – Net income was $39.9 million, or $1.35 per diluted share – Adjusted EBITDA was $196.7 million; adjusted EBITDA margin improved 190 bps to 43.1% – Full-year 2020 adjusted EBITDA guidance was raised to a range of $655 million to $675 million from a range of $625 million to $650 million Herc Holdings Inc. has reported financial results for the quarter ended September 30, 2020. Equipment rental revenue was $402.3 million and total revenues were $456.7 million in the third quarter of 2020, compared to $459.6 million and $508.1 million, respectively, for the same period last year. The Company reported a net income of $39.9 million, or $1.35 per diluted share, in the third quarter of 2020, compared to $9.4 million, or $0.32 per diluted share, in the same 2019 period. Third-quarter 2020 adjusted net income was $39.8 million, or $1.35 per diluted share, compared to $43.2 million, or $1.48 per diluted share, in 2019. See page A-5 for the adjusted net income and adjusted earnings per share calculations. “Volume improved sequentially throughout the third quarter as many of our markets steadily recovered from the impact of COVID-19 and normal seasonality returned to the business,” said Larry Silber, president and chief executive officer. “We continued to improve adjusted EBITDA margin as our operating efficiency and cost control initiatives reduced third-quarter costs compared to the prior year. Despite the challenging business environment, our customer and industry diversification strategy continued to demonstrate the resilience of our business model. “We continue to adhere to the Centers for Disease Control and Prevention’s guidelines in our operations and interactions with customers and adapt to more stringent municipal and state mandates. Our highest priority is to ensure the health and safety of our team members and customers,” Silber added. 2020 Third Quarter Highlights Equipment rental revenue was $402.3 million compared to $459.6 million in the prior-year period. While the COVID-19 business slowdown impacted volume and pricing, monthly results continued to improve sequentially throughout the third quarter. Total revenues were $456.7 million compared to $508.1 million in the prior-year period. The year-over-year decline of $51.4 million was related primarily to lower equipment rental revenue, offset by an increase in the sales of rental equipment of $9.9 million. Pricing declined by 0.8% compared to the same period in 2019. Dollar utilization was 37.6% compared with 40.8% in the prior-year period, reflecting lower volume, fleet mix, and pricing. Direct operating expenses (DOE) of $169.4 million decreased by 14.3% compared to the prior-year period. The $28.3 million decline reflected savings in nearly every category of expense and was primarily related to lower re-rent expense, personnel-related costs, and transportation and maintenance expenses. Selling, general and administrative expenses (SG&A) declined 19.9% to $61.0 million in 2020 compared to $76.2 million in the prior-year period. The $15.2 million decline was primarily attributed to reductions in selling and travel expenses, as well as lower bad debt expense due to continued improvement in collections. Interest expense decreased to $22.4 million compared to $81.9 million in the prior-year period. The decrease was primarily related to the $53.6 million debt extinguishment expense related to the refinancing of the Company’s Notes and ABL Credit Facility in 2019, and lower interest expense related to lower balances of the Company’s ABL Credit Facility in 2020. The income tax provision was $11.7 million compared with a tax benefit of $4.2 million for the same period last year. The Company reported a net income of $39.9 million compared to $9.4 million in the prior-year period. Adjusted net income was $39.8 million compared to $43.2 million in the prior-year period. Adjusted EBITDA declined 6.1% to $196.7 million compared to $209.4 million in the prior-year period. The decrease was primarily due to lower volume and pricing. Adjusted EBITDA margin increased 190 basis points to 43.1% compared with 41.2% in the prior-year period. 2020 Nine Months Highlights Equipment rental revenue was $1,116.4 million compared to $1,244.8 million in the comparable prior-year period. The 10.3% or $128.4 million decline was primarily due to lower volume related to the impact of COVID-19. Total revenues were $1,260.9 million compared to $1,458.9 million in the prior-year period. The economic slowdown related to the COVID-19 pandemic impacted all of the Company’s revenue streams in 2020. Lower equipment rental revenue and sales of rental equipment were the primary factors contributing to the 13.6%, or $198.0 million, decline compared to the prior-year period. Pricing increased by 0.4% compared to the same period in 2019. Dollar utilization was 34.7% compared with 38.1% in the prior year, primarily a result of lower volume, mix, and flat pricing. DOE fell 12.5%, or $72.0 million, to $503.3 million, compared to the prior-year period. The decline was primarily related to lower personnel-related expenses as a result of furloughs, lower overtime expenses, and lower transportation and maintenance costs. SG&A decreased 15.2% to $187.6 million compared to $221.2 million in the prior-year period. The $33.6 million decline was primarily attributed to reductions in selling and travel expenses, as well as lower bad debt expense due to continued improvement in collections. The Company recorded restructuring expense of $0.7 million primarily related to personnel reductions compared with $7.8 million in the prior-year period associated with closures of underperforming branches. Impairment expense was $9.5 million and consisted of the partial impairment of a long-term receivable related to the sale of a former joint venture, the closure of two branch locations last year, and the sale of two locations in the third quarter of 2020. There was no impairment expense in the 2019 comparable period. Interest expense decreased to $70.1 million compared to $146.4 million in the prior-year period. The decrease was primarily related to the $53.6 million debt extinguishment expense in 2019, lower average outstanding balances on the Company’s ABL Credit Facility, and lower rates on the Company’s 2027 Notes in 2020. The income tax provision was $10.9 million compared with a benefit of $2.0 million for

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The ARA Show™ 2021 announcement

Thu, 15 Oct 2020 19:31:07 +0000

Much has transpired since The ARA Show™ 2020 in Orlando. As the American Rental Association has been planning for 2021, their number one goal has always been to ensure the safety of its members and maintain the success and integrity of the premier event for the equipment and event rental industry. As time has progressed and we near the end of 2020, it has become clear that The ARA Show will not be feasible in February 2021 in New Orleans. After monitoring the many variables that impact the future of The ARA Show and reviewing results from an attendee intention survey around a two-day trade show floor only event, ARA has decided to move the show to Las Vegas in October 2021. This will enable ARA to deliver the rental-specific education and networking events that attendees said were critical elements of the show. In addition, there are many new developments in Las Vegas that made it an appealing city to host the show. Education will be held on Sunday, October 17, with the trade show floor to follow Oct. 18-20. “The safety and vitality of the rental community is our top priority,” said Tony Conant, ARA CEO. “We consulted with our members, monitored all the leading sources of health information, and worked closely with convention center partners, the city of New Orleans, and many others in an effort to ensure a clean, safe and essential show in February. When it became clear that the pandemic would not allow us to safely host the type of event our rental community expects, we adapted — just as our industry has throughout a resilient 2020.” With the timing of the fall 2021 show, ARA has canceled the 2022 show scheduled for Anaheim. The usual February rotation will resume in 2023, when we return to Orlando. In lieu of a 2022 show, ARA is exploring options for a focused buyer/seller showcase in 2022 to bridge the gap between shows. Please note that housing will open in February. Be sure to book your room through onPeak, ARA’s official housing partner, to take advantage of the best rates Las Vegas has to offer. Show registration will open in July of 2021.

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ARA releases Healthy Work Practices Guide for protection against COVID-19

Thu, 21 May 2020 19:04:42 +0000

The American Rental Association (ARA) has released the ARA Healthy Work Practices Guide for construction equipment rental companies, part of a new “Clean. Safe. Essential.” program designed to help ARA members continue to ensure a safe rental experience The American Rental Association (ARA) has released the ARA Healthy Work Practices Guide for construction equipment rental companies — part of a new “Clean. Safe. Essential.” program designed to help ARA members continue to ensure a safe rental experience through the COVID-19 pandemic and beyond. The ARA Healthy Work Practices Guide provides member stores with consistent, practical guidance on measures to minimize exposure to the coronavirus for customers, staff, vendors, and guests. Based on expertise from the U.S. Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), rental operators and equipment manufacturers, the guide adds to ARA’s ongoing safety efforts. “Our industry has always been committed to safety — providing contractor partners with safe equipment and the training to use it properly is what ARA members do,” said Tony Conant, ARA CEO. “But 2020 is redefining the word ‘safe.’ ARA is putting tremendous resources and energy into helping rental stores — which are essential to customer success — continue to provide a safe equipment rental experience in our new normal.” The ARA Healthy Work Practices Guide offers general information about microbes and viruses; personal protective equipment (PPE) considerations; cleaning supplies and equipment needed for social distancing; how to prepare a facility, vehicles, and employees for work; testing employees; cleaning equipment and more. While the guide is based on medical science and operational expertise, ARA directs rental stores to comply with the latest local/city, state/province, and country laws and government regulations, and to conform with guidance provided by government health agencies. If government guidance is more stringent than what is found in the document, ARA says that stores should follow government guidance. More elements of the “Clean. Safe. Essential.” program will be rolled out in the weeks ahead as ARA continues to support members and the vitality of the rental industry through the pandemic.

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ARA requests further aid for equipment and event rental businesses

Thu, 23 Apr 2020 20:49:19 +0000

Petition for additional SBA funding sent to Congress In continued efforts to assist members of the American Rental Association (ARA), an additional request for federal funding has been sent to Congress. A proposed two-fold approach asks for an incremental $300 billion to make additional Economy Injury Disaster Loans (EIDL) and that these funds be processed by the banks that are currently processing Payroll Protection Program (PPP) loans to facilitate efficiencies and timeliness in funding. “More than 90 percent of our membership is comprised of small businesses and without further assistance, many of them may be forced to close their doors permanently,” says Tony Conant, ARA CEO. In March, ARA sent a letter to Capitol Hill petitioning for financial provisions to be added to what has come to be the Coronavirus Aid Relief and Economic Security (CARES) Act. While many businesses in the equipment and event rental industry benefitted from this funding, financial burdens still exist for many. “Equipment and event rental businesses are capital intensive, buying equipment and supplies from other small businesses as well as from larger suppliers. These purchases are often financed through loans and other credit arrangements. The inability of ARA members and other small businesses to make payments on their loans or credit facilities will soon lead to a second financial crisis within the small business community,” says John McClelland, ARA vice president of government affairs and chief economist.

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BigRentz CEO gives advice on preparing the Rental Market for the future

Wed, 20 Feb 2019 14:56:39 +0000

The CEO of BigRentz, Scott Cannon, was chosen as a key panelist at the American Rental Association (ARA) Show 2019 to discuss the role of technology in shaping the future of the rental industry over the next 10 years, and how it can make companies more efficient and profitable. The technology panel included moderator Wayne Walley, editor at Rental Management, and executives from other technology companies. ARA is an international non-profit trade association for the equipment rental business and has members in 30 countries worldwide. The week-long event is attended by more than 7,000 people, and this year took place at Anaheim Convention Center from February 15-21st. BigRentz is the nation’s largest online construction equipment rental network and Cannon shared with the audience the importance of data and analytics in driving better processes, including decisions like the pricing of rentals, unitization forecasting, and real-time access to available inventory. He commented, “It was a great privilege to be part of a panel of specialists at such a prestigious show. I enjoyed sharing my insights on technology and hearing the questions and challenges people in the industry face. I truly believe that more updated processes and automated online rentals provide a better customer experience, more revenue and higher customer retention.” He added, “Full adoption of technology within the industry still has a long way to go, but 10 years from now the rental industry will be primarily driven by data analytics.” The ARA expects equipment rental revenue to reach $56 billion next year. The association serves not only the construction industry, but also industrial, party, event and wedding rentals.

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