KHL Group
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By Murray Pollok04 March 2021
IRN regrets to report that Dan Kaplan, a true pioneer of the modern equipment rental industry, has passed away aged 78.
Dan had two distinct and successful careers in rental, first leading Hertz Equipment Rental Co as it became a major international rental business, and second as a high-level consultant and author on rental, consulted by banks, OEMs and the media for insights on rental.
February 22, 2021
After a challenging 2020, the American Rental Association says the rental industry will see positive growth this year.
United Rentals
The American Rental Association has upped its 2021 rental forecast, moving from a 0.3% increase projected in November to a 1.5% increase, with rental revenues expected to surpass $50.2 billion.
This is good news, especially as ARA says total industry revenues dropped 11.7% in 2020 to just under $49.5 billion. Much of this was felt on the party and event side, which saw a decline of 49%.
ARA says construction rental saw an 11% decline in 2020 and is expected to see a 1% drop this year.
General tool rental revenue is expected to grow 4 percent.
Operator
Good day and welcome to the Herc Holdings Inc Fourth Quarter 2020 Earnings Conference Call. [Operator instructions] I would now like to turn the conference over to Elizabeth. Please go ahead.
Elizabeth Higashi
Vice President of Investor Relations
Thank you, Grant. And thank you all for joining us this morning. Welcome, everyone, to our fourth quarter and full year 2020 earnings conference call. Earlier today, our press release, presentation slides and 10-K were filed with the SEC and are all posted on our IR website at ir.hercrentals.com. This morning, I m joined by Larry Silber, President and Chief Executive Officer; Aaron Birnbaum, Senior Vice President and Chief Operating Officer; and Mark Irion, Senior Vice President and Chief Financial Officer. We ll review the fourth quarter and full year, our view of the industry and our strategic outlook.
Herc reports $1,543.7 million in equipment rental revenue for 2020 compared to $1,701.8 million in 2019, which is a 9.3 percent or $158.1 million decline primarily due to lower volume related to Covid-19.