Herc Holdings Inc (NYSE:HRI) reported first-quarter financial results before the market open on Tuesday. Here’s a rundown of the report.

Q1 Earnings: Herc Holdings reported first-quarter revenue of $861 million, beating analyst estimates of $849.44 million, according to Benzinga Pro. The company reported first-quarter adjusted earnings of $1.30 per share, down from $2.36 per share in the prior year’s quarter.

Total revenue was up 7% year-over-year, driven by record equipment rental revenue of $739 million, up 3% year-over-year.

The company ended the quarter with $48 million in cash and cash equivalents. Including unused commitments under the ABL Credit Facility, Herc Holdings had $1.9 billion of liquidity as of March 31.

“Our national account business is growing, fueled by federal and private funding for large construction projects like data centers, manufacturing onshoring and LNG facilities. At the same time, while facility maintenance, municipal, and infrastructure projects are supporting the local markets, other more interest-rate sensitive projects continue to be on hold, restricting overall local account growth,” said Larry Silber, president and CEO of Herc Holdings.

“Against this uneven backdrop, Herc’s diversified business model helps drive resiliency … And we remain on pace to outperform the overall equipment rental market again this year as Team Herc continues to identify opportunities to deliver value for our customers, while managing our fleet and capital strategically and with discipline.”

Outlook: Herc Holdings expects 2025 equipment rental revenue growth of 4% to 6%, excluding Cinelease. The sale process for the Cinelease studio entertainment business is ongoing. A transaction is expected to be completed in 2025.

The company anticipates full-year adjusted EBITDA of $1.575 billion to $1.65 billion, excluding Cinelease.

HRI Price Action: Herc Holdings shares were down 7.88% at $102.71 at the time of publication Tuesday, according to Benzinga Pro.

Photo: Jonathan Weiss/Shutterstock.