Hertz Reports $33 Million Pre-Tax Profit for First Quarter

DEARBORN, MICH. -- Hertz reported a pre-tax profit of $33 million for the first quarter, a $40 million improvement from the $7 million pre-tax loss from the same period in 2004.

Hertz attributed the improvement to higher car and equipment rental volumes and higher proceeds from the disposal of used vehicles. But, the company said, these gains were partially offset by a highly competitive pricing environment in car rental markets.