Hertz Global Holdings Inc said on Nov. 5 that reduced demand means it won't meet its latest forecast. The company said third-quarter net income fell to $17.7 million, and suspended estimating earnings until the economy improves.
Chairman and CEO Mark Frissora said in a statement that in September the company started programs to reduce employee headcount by about 1,400 and to close 80 net locations.
Revenue dropped 1.1 percent to $2.4 billion. Car rental revenue for the quarter rose 0.2 percent to $2.0 billion while equipment rental revenue fell 6.8 percent to $433.1 million.
The company recently increased prices in major car and equipment rental markets. Hertz said it ended the third quarter with total debt of $12.8 billion.