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.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Another Ridiculous “Used Fleet Vehicle” Scandal

While media reports concentrate on the sting and the “outrage,” where’s the empirical evidence that fleet vehicles are less mechanically sound than vehicles sold from private owners?

Will IoT Herald a New Era in Fleet Efficiency?

With the ELD rule finally in effect, small fleet operators need to hunt for new efficiencies. In transportation logistics, Internet of Things (IoT) systems could have similar lasting impacts as telematics.

Will Cars Become Transportation Appliances?

The cars are still the stars, but this year’s L.A. Auto Show revealed an auto industry at a crossroads.

Job Finder: Access Top Talent. Fill Key Positions.

>