Hertz Sets Financial Records For Second Quarter

cashHertz Global Holdings, Inc. reported record second quarter 2013 worldwide revenues of $2.7 billion, an increase of 22.0 percent year-over-year. Worldwide car rental revenues for the quarter increased 23.3 percent year-over-year to $2,329.5 million. Revenues from worldwide equipment rental for the second quarter were $384.3 million, up 14.7 percent year-over-year.   

Second quarter 2013 adjusted pre-tax income was $314.5 million, versus adjusted pre-tax income of $233.9 million in the same period in 2012, and pre-tax income, on a GAAP basis, was $211.9 million versus $158.7 million in the second quarter of 2012. Corporate EBITDA for the second quarter of 2013 was $540.4 million, an increase of 32.5 percent from the same period in 2012, Hertz reports. 

Second quarter 2013 adjusted net income was $204.4 million, versus $154.4 million in the same period of 2012, resulting in adjusted diluted earnings per share for the quarter of $0.45, compared to $0.35 for the second quarter of 2012.  Second quarter 2013 net income attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $121.4 million or $0.27 per share on a diluted basis, compared to $92.9 million or $0.21 per share on a diluted basis for the second quarter of 2012, Hertz said.

Mark P. Frissora, the company's chairman and CEO, said, "Our eighth consecutive quarter of record adjusted pre-tax income, which increased 34.5 percent year-over-year in the second quarter, was driven in part by double-digit revenue growth in four businesses: U.S. off-airport car rental, leisure car rental, HERC and Donlen.  Hertz also achieved several other financial records this past quarter, the result of solid execution of balanced revenue, cost initiatives, and Dollar Thrifty synergies which are running ahead of plan," he added.

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