03.11.2011

Hertz Equipment multiplies profits

US based Hertz Equipment Rental has reported a strong third quarter with a very strong improvement in profitability.

Nine month revenues were up almost 14 percent to $891 million, while pre-tax profits came in at $24.2 million, compared to a loss of $31.6 million at the same point last year.

In the third quarter revenues grew at a similar rising 14 percent to $321,7 million, while pre-tax profits were up close to 600 percent at $45.2 million, compared to just $7.6 million in the same quarter last year.

The company as a whole posted revenues for the quarter of $2.4 billion, with a pre-tax profit of $295.7 million.

Chief executive Mark Frissora said: "In the third quarter, we delivered our highest revenues ever for worldwide car rental and generated a record pre-tax and net income. These record results were driven by a number of factors: 21.1 percent volume growth in U.S. insurance replacement, 30.9 percent volume growth in U.S. Advantage Rent-a-Car and 14.4 percent revenue growth in equipment rental."