Herc Holdings Inc. has reported its second-quarter financial results for 2025, highlighting an 18% increase in total revenues to $1.002 billion compared to $848 million in the same period last year. This rise was primarily driven by a 14% increase in equipment rental revenue, partly due to acquisitions in the latter half of 2024 and contributions from the June 2025 H&E acquisition. Sales of rental equipment also increased by $41 million during the period. However, the company experienced a net loss of $35 million, a significant shift from a net income of $70 million in the prior-year period. Adjusted net income declined by 24% to $56 million, or $1.87 per diluted share, from $74 million, or $2.60 per diluted share, in the previous year. The increase in interest expense to $86 million, up from $63 million, was attributed to new debt facilities issued to fund the H&E acquisition. Adjusted EBITDA showed a 13% increase to $406 million compared to $360 million in the prior-year period, though the adjusted EBITDA margin decreased from 42.5% to 40.5%, mainly due to increased sales of lower-margin used equipment and the impact of the H&E acquisition. Dollar utilization decreased to 38.3% from 41.0%, reflecting the effects of the H&E acquisition and a year-over-year decline in the Cinelease business. For the first half of 2025, total revenues rose by 13% to $1.863 billion, driven by an 8% increase in equipment rental revenue and a $77 million increase in sales of rental equipment. The company reported a net loss of $53 million for the first half, compared to a net income of $135 million in the prior-year period, with adjusted net income decreasing 34% to $93 million, or $3.17 per diluted share, from $141 million, or $4.96 per diluted share, previously. Interest expense for the first half increased to $148 million, compared with $124 million in the prior-year period. The company has factored in the continued moderation in the interest-rate sensitive commercial sector into its outlook for 2025 while incorporating the strength in mega project activity and growth in its specialty solutions business.