Hertz Equipment Rental Corp. reported worldwide equipment rental adjusted pre-tax income for the second quarter more than doubled compared to the same period in 2010, posting $33.4 million compared with $14.4 million a year ago, a 132-percent increase. Worldwide equipment rental revenues were $301.7 million for the second quarter, a 13.5-percent jump compared with $265.8 million for the second quarter a year ago.
For the first six months of 2011, worldwide equipment rental revenue was $569.9 million, compared with $502.8 million for the first six months of 2010, an 11.1-percent hike.
The average acquisition cost of rental equipment operated during the second quarter of 2011 increased by 2.8 percent year over year and net revenue earning equipment as of June 30 was $1,702.7 million, a 0.9-percent increase compared to March 31.
Worldwide Hertz Global Holdings revenue for the second quarter was $2.1 billion, a 10.3-percent increase, with worldwide car rental revenues increasing 9.8 percent year over year.
“It is especially gratifying to see our global team drive Hertz’ profitability to levels we haven’t seen before,” said Hertz chairman and CEO Mark Frissora. “Second-quarter 2011 adjusted pre-tax income beat our 2007 pre-recession second quarter by over $27 billion, on $100 million lower revenues, with pre-tax margins, which were 170 bps [basis points] higher than 2007 and 380 bps above last year. These excellent results were attributable to strong year-over-year profit improvement in U.S. rent-a-car and our equipment rental businesses, despite major investments in our strategic initiatives.”
Based in Park Ridge, N.J., HERC is No. 4 on the RER 100.
