Enterprise Holdings - which owns and operates the Alamo Rent A Car, Enterprise Rent-A-Car and National Car Rental brands - today provided highlights of its 2010 fiscal year.
For its fiscal year ended July 31, 2010, Enterprise Holdings posted $12.6 billion in worldwide revenues, up 4 percent from $12.1 billion in 2009. The company said growth was consistent across all lines of business.
"Like many other companies, we have fought through difficult economic conditions during the past several years," stated Chairman and Chief Executive Officer Andrew C. Taylor, whose family owns and operates Enterprise Holdings. "But thanks to our disciplined management and consistent focus on customer service and costs, we delivered strong results in fiscal 2010."
Enterprise Holdings does not disclose specifics on its net income, but the company achieved record growth in profitability in its recently completed fiscal year. For instance, the company realized:
■ Net book value of revenue equipment (vehicles) increased $1.88 billion, while debt decreased $305 million.
■ Year-over-year reduction of 6.8 percent in total expenses.
■ Average fleet growth for the year of 3 percent, with rental fleet at the end of the fiscal year up 11 percent, a record high.
■ Sales of more than 61,000 used vehicles directly to consumers through the company's referral car sales division, now operating more than 140 car sales locations across the country.
■ Growth in total worldwide assets to $19.8 billion, an increase of $800 million from a year ago.
The company's solid operating performance helped to strengthen its balance sheet and leadership role. In February, Standard & Poor's Ratings Services raised long-term ratings for Enterprise Holdings to 'BBB+' from 'BBB' based on the company's improved financial profile. S&P said the rating action "reflects Enterprise's improved financial profile, with stronger credit ratios due to continued strong cash flow ... and substantial debt reduction."
The company said its improved results over the prior year reflect the successful integration of the Alamo and National brands into the company's regional subsidiaries, and the continued strong performance of its flagship brand, Enterprise Rent-A-Car. Enterprise Holdings acquired Alamo and National three years ago. "Our 2007 acquisition continues to pay off long-term, and the seamless integration of all three car rental brands is providing positive momentum as we move into fiscal 2011," Taylor said.
Enterprise Holdings said its revenues for fiscal 2010 would place it 23rd among the largest private companies in the United States. Furthermore, if Enterprise Holdings were publicly traded, it would rank at number 185 on Fortune's list of the 500 largest public companies in the U.S. In comparison, the next largest rental car company is ranked 318th on the Fortune list.