03.08.2011

Hertz Equipment up 13%

Hertz Equipment Rental has reported first half revenues up 13 percent while reducing its losses.

Half year revenues were $569.9 million 13 percent higher than a year ago, while pre-tax losses were cut from $39.2 million at the halfway point in 2010 to $21 million this year.

The second quarter saw similar gains, with revenues up 13.5 percent to $301.7 million and pre-tax losses cut to $13.3 million from a loss of $15,8 million in 2010.

Hertz group chief executive Mark Frissora said: "It is especially gratifying to see our global team drive Hertz's profitability to levels we haven't seen before. Second quarter 2011 adjusted pre-tax income beat our 2007 pre-recession second quarter by over $27 million, on $100 million lower revenues, with pre-tax margins which were 170 bps higher than 2007, and 380 bps above last year.
These excellent results were attributable to strong year-over-year profit improvement in U.S. rent-a-car and our equipment rental businesses, despite major investments in our strategic initiatives."