02.11.2009

Hertz upbeat in spite of 35% decline

Hertz Equipment Rental has posted third quarter revenues of $280.5 million, 35 percent down on the same quarter last year.

Adjusted pre-tax income for the period was 69 percent down at $25.2 million, due to reduced volume and falling rates, partially offset by cost cuts.

In spite of the gloomy numbers for both equipment and car rental the group announced improved guidance for full year 2009 based on the fact that it beat its third quarter estimates and current projections for the fourth quarter.