17.05.2016

Profits plunge at Hertz

Hertz Equipment has reported a weak first quarter result, due largely, it says to challenges in the oil & gas market along with the sale of its French and Spanish operations.

Total revenues for the quarter were eight percent lower at $328 million, same store revenues fell one percent. Adjusted pre-tax profits were a 64 percent lower at $12 million compared to $33 million last year. Physical utilisation slipped from 61 to 60 percent, while rental rates in non oil & gas markets improved one percent.

he separation of the equipment rental business from car rental remains on track for mid-2016.