06.11.2013

69% profit jump at Hertz

US based rental company Hertz Equipment has reported a large improvement in pre-tax profits for the nine months to the end of September.

Total revenues for the period were $1.14 billion, 14 percent higher than this time last year, while pre-tax profits jumped from $101 million last year to $170 million this year. Looking at the third quarter revenues improved by 10.7 percent to $401.8 million - the improvement is down a 15 percent increase in rental revenues, combined with a 2.9 percent rise in rental rates. Pre-tax profit for the quarter was $75.2 million - up almost 20 percent on the same quarter last year.

Hertz group chief executive Mark Frissora said: "Our ninth consecutive quarter of record adjusted pre-tax income, was driven by solid revenue growth in four key businesses: U.S. off-airport car rental, Dollar Thrifty, Donlen and worldwide equipment rental. In U.S. car rental, we were especially pleased to report stronger pricing in spite of carrying excess fleet due to lower-than-anticipated volume."