Herc Holdings (NYSE: HRI) reported Q4 EPS of $1.33, $0.39 worse than the analyst estimate of $1.72. Revenue for the quarter came in at $540.1 million versus the consensus estimate of $550.41 million.

• Equipment rental revenue increased 2.1% to $457.0 million in the fourth quarter, and rose 2.6% to $1,701.8 million for the full year
• Total revenues were $540.1 million in the fourth quarter, and $1,999.0 million for the full year
• Pricing improved by 3.3% in the fourth quarter and 4.0% for the full year
• Net income increased to $35.1 million, or $1.20 per diluted share, in the fourth quarter and $47.5 million, or $1.63 per diluted share, for the full year
• Adjusted EBITDA increased 8.1% to $214.4 million in the fourth quarter, and 8.2% to $741.0 million for the full year
• Net cash provided by operating activities increased 13.7% to $635.6 million in 2019
• Free cash flow improved nearly $180 million to $172.0 million in 2019
• Initiated 2020 adjusted EBITDA guidance range of $760 million to $790 million

"We generated $172.0 million in free cash flow in 2019, a positive swing of nearly $180 million from last year," said Larry Silber, president and chief executive officer. "Our strategic initiatives continue to deliver strong year-over-year pricing and we achieved major improvements in operating efficiency and dollar utilization in the fourth quarter and full year. We focused on quality of earnings throughout the year, and fourth quarter adjusted EBITDA margin rose 320 basis points to 39.7%, the highest fourth quarter margin we have achieved since the spin-off in 2016. "

"Our disciplined capital management initiatives reduced our net leverage ratio significantly in three-and-half years, to just 2.8x as of December 31, 2019. Targeted branch openings, controlled fleet additions, and self-help initiatives are expected to drive future profitability. Leading economic indicators continue to suggest positive momentum in our end markets and support our favorable outlook."

For earnings history and earnings-related data on Herc Holdings (HRI) click here.