Hertz announces revenue increase, smaller loss

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Car Rental News - 02/05/2011


Hertz Global Holdings showed higher revenues, reduced losses in Q1.

US car hire giant Hertz Global Holdings has posted lower losses and increased revenues for the first quarter of the year. The company said revenues from car and equipment hire strengthened on increased demand for car hire in the USA.

In an announcement that increased a strengthened full-year outlook, Hertz said its net loss for the quarter fell to $132.6 million or some 32 cents per share, for the quarter ending 31 March. This compares favourably with the same quarter of 2010, when the company reported losses at $150.4 million, worth 37 cents per share.

Hertz said its adjusted results showed a loss at $14.2 million - 3 cents per share. The latest results come in above the analysts’ consensus estimate, which expected losses of 5 cents per share.

Revenue at Hertz rose in the quarter, hitting $1.8 billion, an increase of 7.2 per cent over the $1.7 billion seen in same three months of last year. Analysts had been expecting revenues to come in at $1.8 billion.

The company announced global revenues from car hire over the quarter at $1.5 billion, or 5.1 per cent above that seem in the same period last year. The results excluded the effects from foreign currency moves.

Global equipment rental generated $268.1 million, excluding the effect of foreign currency exchange. This is 12 per cent over revenues from last year’s same quarter.

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