By Stephen Nakrosis
Shares of Herc Holdings were trading higher in the after-hours market Monday following the company’s announcement it is exploring strategic alternatives for Cinelease, its studio management and lighting and grip-equipment rental business.
The company’s stock was recently up 5% to trade at $112.57. The shares finished the day’s regular session with a decline of less than 1%, closing at $107.21.
Year to date, the stock has lost more than 18%.
Larry Silber, the company’s president and chief executive officer, said “this decision was made due to the changing dynamics for lighting and grip rental providers in the film and studio entertainment industry, which has shifted to requiring significant capital investment in studios.”
The company also reported third-quarter financial results. For the period, Herc said it had earnings per share of $3.96 on revenue of $908 million. In the year-ago period, Herc reported EPS of $3.36 on revenue of $745.1 million.
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