Hertz Global Holdings, Inc.’s (HTZ) wholly owned subsidiary, Hertz Equipment Rental Corporation (“HERC”) opened a new facility in Great Falls, its first location in the state of Montana. It will be the company’s fifteenth branch to be part of its Pacific Northwest Fleet Pool.
The 10,710 sq. foot facility will provide an array of industrial and commercial fleet for both sale and rent including welders, pumps, compaction, generators, earthmoving, aerial, forklifts, lighting, air compressors, heaters and mixers. The equipment can be rented on a daily to long-term basis. Also, it will offer rental solutions for commercial construction, public works, oil producers, refineries, mining, agriculture and industrial manufacturing.
The facility will also provide trailers, water trailers, and trucks (half-ton pickups to dump trucks) and flatbeds of 2 tons. In addition, the retail showroom will host power tools, Honda generators, Husqvarna construction products, heaters, pumps, Stihl products, and safety equipment.
With such diverse assortment, Hertz already has a competitive edge over the local players. The company has been progressing with its expansion plans at a great pace. Earlier, in October, the company opened a facility in Panama City, located in Panama. Prior to this, in August, the company renewed its 11-year old agreement with Thai franchise partner Paragon Car Rental Co., Ltd to carry on its operations in Thailand.
In Mar 2014, Hertz announced its decision to separate the company into two independent, publicly traded companies. The first company will retain its car rental businesses comprising Hertz, Dollar, Thrifty and Firefly as well as its fleet-leasing services division called Donlen. The second company, named HERC, will include Hertz’s equipment rental business.
Hertz has been under the scanner for quite a while now with its ongoing review of financial statements. Earlier in November, the company announced that it does not expect to file updated financial statements anytime before mid-2015, owing to the accounting errors reported earlier.
Due to the identification of certain errors in the financial results for 2011 earlier this year, this Zacks Rank #5 (Strong Sell) company had stated that its audit committee has directed the initiation of a complete review of its financial results for fiscal years 2011, 2012 and 2013.
However, other better-ranked stocks in the industry include Core-Mark Holding Company, Inc. (CORE), Rentrak Corporation (RENT) and WageWorks, Inc. (WAGE), each with a Zacks Rank #2 (Buy).
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