By Rob Curran
Shares of equipment-rental company Herc Holdings fell after it posted a quarterly loss and warned of uneven demand for machinery.
Herc on Tuesday said it swung to a loss of $18 million, or 63 cents a share, in the first quarter from a profit of $65 million, or $2.29 a share, a year earlier.
Depreciation expenses and direct operating costs rose sharply, overshadowing revenue growth.
Revenue rose 7% to $861 million.
In what could be a bad sign for economic activity, the company said many interest-rate sensitive infrastructure projects were still on hold.
For 2025, Herc projected equipment rental revenue growth in a range between 4% and 6%.
Adjusted earnings before interest, taxes, depreciation and amortization in a range between $1.575 billion and $1.65 billion.
Shares of Herc fell 6% to $104.98 premarket.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 22, 2025 08:30 ET (12:30 GMT)
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