Herc Holdings Inc. has recently released its 10-Q report, providing a detailed overview of its financial performance and operations. The company operates as an equipment rental supplier, offering a wide range of equipment including aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. Additionally, Herc provides industry-specific solution-based services and professional-grade tools, along with repair, maintenance, equipment management, and safety training services. The company serves various industries, including construction, manufacturing, infrastructure, government sectors, and commercial facilities.
In the 10-Q report, Herc Holdings' balance sheet as of September 30, 2024, was substantially identical to that of Herc, with the exception of the debt held by Herc Holdings and certain components of shareholders' equity. The statements of operations of Herc Holdings and Herc were identical for the three and nine months ended September 30, 2024, and 2023, with the exception of interest expense on the debt held at Herc Holdings that is not reflected in the statement of operations of Herc. The report also highlighted the declaration of a quarterly dividend of $0.665 per share to record holders as of August 23, 2024, with a payment date of September 6, 2024. It was noted that the declaration of dividends on Herc's common stock is discretionary and dependent on various factors including business conditions, financial condition, earnings, liquidity, and capital requirements, as well as contractual restrictions and other factors. The report also touched upon the company's indebtedness and off-balance sheet commitments and arrangements, providing additional information on the terms of Herc's Notes, ABL Credit Facility, and AR Facility.
Furthermore, the report addressed recent accounting pronouncements and highlighted that as of September 30, 2024, there were no material changes to the company's indemnification obligations as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. The report directed readers to specific notes for further information on indemnification obligations and contingencies.
Following these announcements, the company's shares moved 17.5%, and are now trading at a price of $198.6. If you want to know more, read the company's complete 10-Q report here.
