07.05.2012

Hertz up 12.5%

Hertz Equipment Rental has reported first quarter revenues up over 12.6 percent as it turns last year’s loss into a profit.

Equipment rental revenues for the quarter were $302.1 million 12.6 percent up on the same period last year while pre-tax profits were $10.2 million, compared to a loss last year of $7.8 million. The improvement is credited to increased volume and pricing and cost management initiatives.

Overall the group had revenues of $1.96 million , just over 10 percent up on the first quarter of 2011. At the same time the company reported a pre-tax loss of $36.8 million compared to a loss in the same period last year of $$158.9 million.

Chief executive Mark Frissora said: “In addition to generating strong organic revenue and earnings growth, especially in the United States, HERC completed two acquisitions, Cinelease and Arpielle, last quarter which are already contributing profitable, incremental revenue growth to our equipment rental results. Donlen, acquired last September, is a key component of our 2012 vehicle and equipment leasing and fleet management strategies for HERC and car rental.”