Hertz Sets Financial Records for Q1 2013

Hertz Global Holdings Inc. achieved record first quarter 2013 worldwide revenues of $2.4 billion, an increase of 24.3% year-over-year, the company reported yesterday. Worldwide car rental revenues for the quarter increased 25.7% year-over-year to $2.08 billion.

First quarter 2013 adjusted pre-tax income was $144.5 million, versus adjusted pre-tax income of $29.4 million in the same period in 2012. Corporate EBITDA for the first quarter of 2013 was $367.1 million, an increase of 74.2% from the same period in 2012. First quarter 2013 adjusted net income was $93.9 million, versus $19.4 million in the same period of 2012.

Mark P. Frissora, the company's chairman and chief executive officer, said, "We've now achieved record year-over-year adjusted pre-tax income seven consecutive quarters and increased employee productivity twenty six consecutive quarters. Our record first quarter 2013 results were driven by year-over-year, double-digit revenue and pre-tax margin growth in the car and equipment rental and leasing businesses, especially in North America. Dollar Thrifty is performing better than anticipated, with integration and synergy progress exceeding our targets," he added.

The Company achieved record transaction days for the quarter, which increased 23.4% over the first quarter of 2012 largely due to the acquisition of Dollar Thrifty, partially offset by the Advantage divestiture. U.S. off-airport total revenues for the first quarter increased 13.5% year-over-year, and transaction days increased 13.0% from the prior year period. Worldwide rental rate total revenue per transaction day  ("total RPD") for the quarter increased 2.6% from the prior year period.

Worldwide car rental adjusted pre-tax income for the first quarter of 2013 was $208.4 million, an increase of $116.8 million from $91.6 million in the prior year period. The result was driven by stronger volumes and pricing including the impact of the Dollar Thrifty acquisition, lower net depreciation per vehicle, lower interest expense as a percentage of revenues and an increase in total RPD.

The worldwide average number of company-operated cars for the first quarter of 2013 was 757,100, an increase of 27.2% over the prior year period, largely as a result of the Dollar Thrifty acquisition.

The company reported that it reaffirms its full-year 2013 guidance, provided on February 25, 2013. For 2013, Hertz said it expects to generate worldwide revenues of $10.85 billion to $10.95 billion and adjusted net income of $830 million to $875 million.

Comments

  1. danny [ May 6, 2013 @ 11:35PM ]

    for a company that makes so much money its amazing that they treat their empolyees so crappy

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