Hertz Sets Records for Fourth Quarter And Full Year

car rentalHertz Global Holdings, Inc. reported fourth quarter 2012 worldwide revenues of $2.3 billion, an increase of 15.1 percent year-over-year (a 15.5% increase excluding the effects of foreign currency), including the results from its recent acquisition of Dollar Thrifty

Worldwide car rental revenues for the quarter increased 14.0 percent year-over-year (a 14.6% increase excluding the effects of foreign currency) to $1,932.5 million, including results of Dollar Thrifty. U.S. car rental revenues increased 24.5 percent for the quarter, including forty three days of revenues from Dollar Thrifty. 

Revenues from worldwide equipment rental for the fourth quarter were $385.3 million, up 21.2 percent year-over-year (a 20.7% increase excluding the effects of foreign currency).

Fourth quarter 2012 adjusted pre-tax income was $213.5 million, versus $165.1 million in the same period in 2011, and loss before income taxes, on a GAAP basis, was $40.3 million, versus income before income taxes of $92.8 million in the fourth quarter of 2011. Corporate EBITDA for the fourth quarter of 2012 was $412.8 million, an increase of 23.2 percent  from the same period in 2011.

Fourth quarter 2012 adjusted net income was $140.9 million, versus $104.0 million in the same period of 2011, resulting in adjusted diluted earnings per share for the quarter of $0.33, compared with $0.24 for the fourth quarter of 2011.  Fourth quarter 2012 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $(36.4) million or $(0.09) per share on a diluted basis, compared with net income attributable to Hertz Global Holdings, Inc. of $47.1 million, or $0.11 per share on a diluted basis, for the fourth quarter of 2011.

Mark P. Frissora, chairman and chief executive officer, said: "I'm pleased that Hertz once again delivered record fourth quarter and full year financial performance due to sustained operational excellence, improving pricing during the fourth quarter and the positive impact of strategic investments, including the acquisition of Dollar Thrifty Automotive Group."

"We also continue to realize best-in-class efficiency improvements with over $480 million of incremental cost savings in 2012, bringing total savings to over $2.6 billion since 2007.  Net cash flows from operations topped $2.7 billion last year, a $484.7 million year-over-year increase, and accelerating cash flow generation will be a critical financial objective going forward.  Finally, 2012 marked our third consecutive year of significant double-digit percentage improvements in adjusted pre-tax income, EBITDA, and adjusted earnings per share, as well as margin expansion," Frissora concluded.

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