Hertz 3Q earnings up 15 percent
PARK RIDGE, N.J. (AP) — Hertz Global Holdings Inc.'s third-quarter net income increased nearly 15 percent as demand grew for car rentals.
The company, based in Park Ridge, N.J., stuck with a full-year forecast that is above analysts' expectations.
Hertz earned $242.9 million, or 55 cents per share, for the quarter that ended Sept. 30. That compares with $206.7 million, or 47 cents per share, in the same quarter last year. The company made 63 cents per share on an adjusted basis, excluding one-time items, versus 51 cents per share last year.
Revenue increased to $2.52 billion from $2.43 billion.
Analysts polled by FactSet expected 61 cents per share on revenue of $2.59 billion.
Hertz generates the bulk of its business through car rentals but also provides some heavy equipment rentals. Revenue in both units improved. It also benefitted from some cost-cutting measures.
The company reaffirmed its full-year forecast for earnings of $1.28 to $1.38 per share on an adjusted basis and revenue of $8.9 billion to $9 billion. Analysts forecast 97 cents per share for the year on revenue of $8.3 billion.
Hertz shares fell 10 cents to close at $13.27. They rose 12 cents to $13.39 in after-hours trading.