DEARBORN, Mich. -- Hertz reported a pre-tax profit of $144 million in 2004's second quarter, compared with a $57 million profit during the same period a year ago, according to Ford's quarterly report.

Ford attributed the improvement to "higher rental car volume in leisure and commercial segments, higher profit from the disposal of used vehicles and equipment sales, and favorable cost performance."

But, the company added, these improvements were "partially offset by lower pricing in highly competitive car rental markets worldwide."