PARK RIDGE, N.J. - Hertz Equipment Rental Corp. last month reported $202.1 million in worldwide first-quarter rental revenues, an increase of 15 percent compared to last year's Q1 rental revenue of $175.7 million.
Overall, the Hertz Corp. reported an earnings increase of 15 percent as net income rose to $56.3, or 52 cents a share, from $48.8 million and 45 cents in Q1 '99. The company's total revenue increased 9.9 percent to $1.14 billion.
HERC now has more than 350 rental locations worldwide. The company grossed $843.2 million in worldwide rental revenues in 1999. RER estimates its 1999 North American rental revenues at about $710 million.
Hertz made several significant transactions in the first quarter, finalizing the acquisition of Seattle-based AA Rentals and acquiring the 10-location French Cardella Group of Equipment Rental Companies.
In other HERC news, it recently acquired McMinnville, Ore.-based Mac Rentals. Mac, which also has branches in Newburg and Cornelius, Ore., is a light- and medium-sized construction equipment company that was founded by Bill Hurl in the 1970s.
Hurl's sons, Doug and Jim, who ran Mac, will continue in their roles, with Doug concentrating on the business end and Jim specializing on the operations aspect of the business. The three branches are all located a short distance southwest of Portland.
Lake Forest, Ill.-based Latek Capital Corp. served as investment banker for the sellers and initiated, managed and coordinated the closing of the transaction. Latek also handled the AA acquisition.
