Hertz Equipment Rental Corp.’s first-quarter worldwide rental revenues were $279.5, a 32-percent decrease from the same period in 2008 (27.5 percent in constant currency). Adjusted pre-tax income for the first quarter of 2009 was $0.7 million, a 98-percent decrease from the year-ago quarter, primarily because of reduced volume and pricing, and partially offset by cost management initiatives.
HERC achieved an adjusted pre-tax margin, based on revenues, of 0.3 percent, and a corporate EBITDA margin, based on revenues, of 40.4 percent for the quarter.
The average acquisition cost of rental equipment operated during the first quarter of 2009 decreased by 14.9 percent year over year to $3 billion, compared with a 12.6-percent increase in the first quarter of 2008 compared with the first quarter of 2007.
Hertz Global Holdings, including car rental, reported first quarter 2009 worldwide revenues of $1.6 billion, a 23.3-percent year-over-year decrease (18.3 percent in constant currency).
Based in Park Ridge, N.J., HERC is No. 3 on the RER 100.
