Hertz Global Holdings reported record third quarter 2007 revenues of $2.45 billion, an increase of 9.3 percent over the same period in 2006, led by an 11.0 percent increase in worldwide car rental revenues for the quarter to a record $1.98 billion.
Worldwide equipment rental revenues were a record $464.9 million for the third quarter of 2007, a 2.6-percent increase over the prior year period, while pricing decreased 0.1 percent. Slower growth in the U.S. non-residential construction market continues to offset otherwise strong year-over-year revenue growth in other sectors of the diversified U.S. equipment rental industry, especially the industrial market.
Adjusted pre-tax income for the third quarter of 2007 was $109.2 million, another record, and a 5.2 percent improvement over the third quarter of 2006, attributable to revenue growth and a 1.5 percentage point decrease in adjusted direct operating expenses as a percentage of revenue.
The average acquisition cost of rental equipment operated during the third quarter of 2007 increased by 6.7 percent year-over-year — compared with a 7.3-percent increase in the second quarter of 2007 over the prior-year period — to $3.40 billion, and net revenue earning equipment as of Sept. 30, was $2.72 billion, a 7.8-percent increase over the amount as of Sept. 30.
