Hertz Fourth-Quarter Profit Rises on Higher Rental Revenue
Hertz Global Holdings said on Wednesday its fourth-quarter profit rose on an increase in worldwide car rental revenues.
Net income in the quarter was $80.7 million, or 25 cents per share, compared with $39.8 million, or 14 cents per share, a year earlier. Revenue rose 7.4 percent to $2.14 billion.
On an adjusted basis, Hertz earned 29 cents per share for the fourth quarter. Analysts on average had expected the Park Ridge, New Jersey, company to earn 26 cents per share, according to Reuters Estimates.
Hertz operates 7,900 car rental locations and ranks as the largest airport-based car rental agency in the U.S. market. It also rents tools and equipment through a subsidiary. The company was spun off by Ford Motor in 2005.