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Hertz Reports Improved First-Quarter ResultsApril 26, 2010 By: George Dooley
Hertz Global Holdings Inc. reported first quarter 2010 worldwide revenues of $1.7 billion, an increase of 6.1 percent year-over-year (a 2.3 percent increase excluding the effects of foreign currency).
Worldwide car-rental revenues for the quarter increased 10.8 percent (a 7 percent increase excluding the effects of foreign currency) to $1.4 billion. U.S. car rental revenues for the quarter were up 9.8 percent year over year, driven by growth in pricing, ancillary revenues, business travel, off-airport rentals, and the Advantage leisure brand, Hertz said.
Mark P. Frissora, Hertz chairman and CEO, said, "We have improved year-over-year operating performance for the third consecutive quarter, due in part to strong cost management companywide and almost 10 percent revenue growth in U.S car rental, our largest business. Our cost savings projections are on track and we have strong advanced reservation growth for the U.S. and European car rental businesses, especially during the summer peak.”