Hertz has Strong Q3 in Profits, Revenue

Hertz Global Holdings Inc. has reported third quarter 2013 worldwide revenues of $3.1 billion, an increase of 22% year-over-year.

For the quarter, U.S. car rental revenues increased 32.6% year-over-year to $1.77 billion — primarily due to Dollar Thrifty, which was acquired on Nov. 19, 2012, partially offset by the divestiture of Advantage.

Third quarter 2013 adjusted pre-tax income was $519.5 million, versus adjusted pre-tax income of $424.8 million in the same period in 2012. On a GAAP basis, pre-tax income was $328.3 million versus $368.9 million in Q3 2012.

Compared to Q3 2012, corporate EBITDA improved for the third quarter of 2013 — $740.8 million, an increase of 22%.

Adjusted net income increased to $337.7 million versus $280.3 million in Q3 2012.

"Our ninth consecutive quarter of record adjusted pre-tax income, which increased 22.3% year-over-year in the third quarter, was driven by solid revenue growth in four key businesses: U.S. off-airport car rental, Dollar Thrifty, Donlen and worldwide equipment rental," said Mark P. Frissora, Hertz chairman and chief executive officer. "In U.S. car rental, we were especially pleased to report stronger pricing in spite of carrying excess fleet due to lower-than-anticipated volume."

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