Hertz Third-Quarter Profit Surges 51%

Hertz Global Holdings said on Monday that an 11 percent increase in worldwide car rental revenues helped drive third-quarter net income up 51 percent.

The company, which also rents equipment, said net income rose to $162.7 million, or 50 cents per share, from $107.5 million, or 46 cents per share, a year earlier.

On an adjusted basis, the company said it earned 65 cents per share.

Analysts were expecting the Park Ridge, New Jersey, company to earn 57 cents per share. Third-quarter revenue rose 9.3 percent to $2.45 billion.

Hertz said it was raising its full-year revenue and adjusted earnings-per-share forecasts to the upper end or above its previous outlook.

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