Hertz Reports Strong Revenue Gains

graphHertz Global Holdings, Inc. reported second quarter 2012 worldwide revenues of $2.2 billion, an increase of 7.4 percent year-over-year (a 10.3 percent increase excluding the effects of foreign currency). 

Worldwide car rental revenues for the quarter increased 6.8 percent year-over-year (a 9.9 percent increase excluding the effects of foreign currency) to a record $1,889.6 million. Revenues from worldwide equipment rental for the second quarter were $335.0 million, up 11.0 percent year-over-year (a 13.1 percent increase excluding the effects of foreign currency), driven by an 18.8 percent revenue increase in the U.S. and 15.2 percent in North America.

Second quarter 2012 adjusted pre-tax income was a record $233.9 million, versus $184.4 million in the same period in 2011, and income before income taxes ("pre-tax income"), on a GAAP basis, was $158.7 million, versus $94.6 million in the second quarter of 2011.

Corporate EBITDA for the second quarter of 2012 was a record $407.7 million, an increase of 12.6 percent from the same period in 2011.

Second quarter 2012 adjusted net income was a record $154.4 million, versus $116.6 million in the same period of 2011.

"We delivered strong revenue and earnings growth again in the second quarter of 2012, and achieved several record results, despite moderate global GDP growth. Our second quarter 2012 results are a testament to fostering a culture of continuous improvement as we delivered a 390 basis point improvement in direct operating expenses and $107 million in incremental efficiency savings for the quarter," said Mark P. Frissora, chairman and chief executive officer.

Worldwide car rental revenues were a record $1,889.6 million for the second quarter of 2012, an increase of 6.8 percent (a 9.9 percent increase excluding the effects of foreign currency) from the prior year period.

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