Hertz Global Holdings announced improved guidance on all financial metrics for full-year 2009 based on stronger-than-forecast financial results in the third quarter and current projections for the fourth quarter of 2009. Hertz said its improved guidance is based on its favourable third-quarter performance in its worldwide car rental business, as well as the improving macro outlook for the fourth quarter. Worldwide car rental adjusted pre-tax income for the third quarter increased 54.6 percent year over year.
Worldwide equipment rental, through its Hertz Equipment Rental Corp. division, was also stronger than previously expected, generating a 9.0-percent adjusted pre-tax margin and a 41.9-percent corporate EBITDA margin although revenues were about 35-percent lower than the same period last year. Total worldwide equipment rental revenue was $280.5 million for the third quarter, compared with $433.1 percent for the same period last year.
The company, including car and equipment rental, revised its full-year guidance, now expecting full-year revenues in the range of $7 billion to $7.1 billion, compared with the previously predicted range of $6.7 billion to $7 billion. Projected corporate EBITDA is in the $950 million to $960 million range, compared with the previously predicted range of $900 million to $935 million.
Further details about the third quarter will be available when Hertz releases its third-quarter earnings Oct. 29 and holds its third-quarter conference call Oct. 30 at 10 a.m. EDT.
HERC, based in Park Ridge, N.J., is No. 4 on the RER 100.
