Herc's growth story continues, with no end in sight.

On Thursday, Herc Holdings, the Bonita Springs-based parent of Herc Rentals, reported another strong quarter, driven by growth — both internally and through acquisitions.

In the second quarter, the equipment rental business once again generated record revenues and profits.

Equipment rental revenue increased by more than 35 percent to $605.4 million.

In total, revenues rose to $640.4 million, up from $490.9 million a year ago.

Meanwhile, earnings — or profits — grew by the double digits to $72.2 million, or $2.38 per share, compared to $47.1 million, or $1.55 a share, in 2021

Adjusted earnings, excluding one-time gains and losses, landed at $74.8 million, or $2.47 per share, up from $47.6 million, or $1.57 per share, last year.

The company continued to see robust demand and higher pricing for its rental equipment across its geographic footprint, both in its core and specialty businesses, said Larry Silber, the company's president and CEO, in an earnings call with analysts.

Pricing increased 5.5% over the year, reflecting both high demand and tight supplies of equipment.

Looking ahead, Silber said he sees no signs of a slowdown, despite recessionary pressures.

In fact, the future looks particularly bright, with $550 billion of federal projects planned over the next five years on roads, bridges and other infrastructure, which Herc expects to benefit from in a big way.

"We intend to get our fair share of this new activity," Silber said.

Herc's rental equipment includes everything from earthmovers, such as bulldozers and backhoes, to power tools from drills to nail guns. So its customers include contractors in both commercial and residential construction, both of which have been strong.

Acquisitions have been — and remain — a big part of Herc's growth strategy.

In the second quarter alone, the company completed six acquisitions, with a total of nine locations. That included All-Star Rents, a transaction that gave Herc "a long-sought Naples branch location and team," said Paul Dickard, the company's vice president of communications, in an email.

"Obviously, the other locations and team members we acquired are important new additions to our Florida branch network, but we’re pleased to finally say we have a Naples branch in the fold," he said.

That location is at 6167 Taylor Road.

This year, Herc has acquired a total of nine companies with 12 locations, while opening 10 new "greenfield locations," or locations at sites not previously used for equipment rentals.

The company isn't just growing its footprint.

Herc also continues to invest in its fleet, as part of its "shifting into high gear" growth strategy. The average value of its fleet grew by 32% in the second quarter, to more than $5 billion (based on the original cost).

The company continues to gain market share in North America, which Silber attributes to many factors, including its focus on providing outstanding customer service and the strength of its team of employees around the country.

In the call with analysts, Aaron Birnbaum, Herc's chief operating officer, said the company continues to see steady demand for its rental equipment, and attractive opportunities for more growth in its key urban markets.

"We see no reason for slowing up our momentum. Clearly, there is more to come," he said.

Along with its earnings, Herc announced plans to repurchase shares, in an effort to increase the value of its stock, which Silber described as "discounted compared to our long-term growth expectations."

The company also raised its financial guidance for the year. It now expects adjusted earnings (before interest, taxes, depreciation and amortization) to come in at $1.195 billion to $1.245 billion. That would be a 34-to-39 percent increase over last year.

Herc has 333 locations in North America, with about 6,100 employees.

About 400 of those employees work for the company's local headquarters.

This article originally appeared on Fort Myers News-Press: Bonita Springs-based Herc Holdings continues to grow, internally and through acquisitions