Worldwide revenues for Hertz Corp. totaled about $1.8 billion for the first quarter, an increase of 7.2 percent compared with the first quarter of 2010. Revenues from worldwide equipment rental were $268.2 million in Q111, about a 13.2-percent increase compared with the same period in 2010 (11.9 percent excluding the effects of foreign currency.)
Adjusted pre-tax income for worldwide equipment rental for the first quarter was $10.2 million, an improvement of $15.2 million compared with a loss of $5 million for the same period a year ago. The company attributes the improvement to increased volume and cost-management initiatives. Worldwide equipment rental achieved an adjusted pre-tax margin of 3.8 percent, and a corporate EBITDA margin of 34.1 percent for the quarter.
“HERC continued to rebound from a three-year recession, generating double-digit revenue growth in a quarter for the first time since the last quarter of 2006,” Mark Frissora, Hertz chairman and CEO said. “In addition to almost $6 billion of debt refinancing in 2010, we executed transactions that refinanced over $4 billion of corporate debt in the first quarter.”
Based in Park Ridge, N.J., Hertz Equipment Rental Corp. is No. 4 on the RER 100.
