Hertz hiked Q2 adjusted net income to $204.4 million

Article by Anita Panait, on July 31, 2013

Hertz Global Holdings Inc. logged a 32-percent increase in adjusted net income for the second quarter of 2013 to $204.4 million. In a statement, Hertz said it posted a 22-percent jump in revenues in the concerned period to $2.7 billion. The company logged a 23-percent increase in rental car revenues in the second quarter of 2013 to a record $2.3 billion.

The company also disclosed that its global total revenue per transaction day hiked by 1 percent. Hertz posted a 12-percent hike on off-airport revenue and only a 5-percent jump in airport revenues in the second quarter of 2013. Hertz chief executive Mark Frissora attributed the slight rise in airport revenues to the federal sequestration of government spending, which has led to reduction of air travel and rentals by government agencies.

According to Frissora, the average age of the company's fleet has surged to 9.3 months from 8.8 months in 2013, mainly due to its acquisition of Dollar-Thrifty, which was approved weeks ago. He remarked that Dollar-Thrifty’s fleet was older than theirs.

Frissora remarked that Hertz is satisfied with how long it is holding onto vehicles. Hertz's average number of company-operated vehicles was up 27 percent at 830,300 units, mostly from the Dollar-Thrifty acquisition. Hertz expects to post revenues of between $10.85 billion and $10.95 billion for the full year 2013.

Topics: hertz

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