Hertz Global Holdings posted a strong third quarter with worldwide revenues of $2.2 billion, a 7.1-percent year-over-year hike. Hertz Equipment Rental Corp. reported a more modest 0.2-percent increase to $281.2 million for the third quarter, compared with $280.5 million for the third quarter of 2009.
“HERC generated revenue growth in the third quarter for the first time in two years, and recorded a 33.7-percent year-over-year improvement in adjusted pre-tax income as well as a corporate EBITDA margin of 40 percent,” said Hertz chairman and CEO Mark Frissora. The company attributed the improvement to increased volume and cost-management initiatives. Worldwide equipment rental achieved an adjusted pre-tax margin, based on revenues of 12 percent, a 300-basis-point improvement compared with the year-ago quarter.
The average acquisition cost of rental equipment operated during the third quarter of 2010 decreased by 5 percent year-over-year and net revenue earning equipment as of Sept. 30, was $1,681.4 million, an 11.2-percent decrease from the amount as of Sept. 30, 2009.
Based in Park Ridge, N.J., Hertz Equipment Rental Corp. is No. 4 on the RER 100.
