Hertz Reports Revenue Increase, Pre-Tax Loss Improvements

Hertz Global Holdings Inc. reported record first quarter 2008 worldwide revenues of $2.04 billion, an increase of 6.1 percent over the prior year. International revenues made up 33.3 percent of total worldwide revenues, up from 28.4 percent. Overall revenue growth was led by a 6.3 percent increase in worldwide car rental revenues for the quarter to $1.63 billion.

First quarter 2008 adjusted net income was $6.5 million, 3.2 percent higher than the first quarter of 2007. This resulted in adjusted diluted earnings per share for the quarter of 2 cents, the same as the prior year period. Hertz said it lost $57.7 million, or 18 cents per diluted share, compared with a net loss of $62.6 million, or 20 cents per share, for the first quarter of 2007.

Adjusted pre-tax income for the first quarter of 2008 was $17.1 million, an increase of 6.2 percent over the first quarter of 2007, and the loss before income taxes and minority interest was $55.8 million, a 38.4 percent improvement from $90.6 million of pre-tax loss in the first quarter of 2007.

For the full year 2008, Hertz forecasts total revenues of $8.9 billion to $9.0 billion, an increase of between 2.5 percent and 3.6 percent, with car rental growth of 2.5 percent to 3.5 percent.

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