Hertz expects increase in earnings

Hertz expects increase in earnings

Hertz has raised its full year guidance for 2010 following a strong performance in its car and equipment rental businesses.

The car rental giant now expects to beat its high end guidance for adjusted pre-tax income, adjusted diluted earnings per share and Corporate EBITDA.

Hertz also states it is likely to beat pre-tax income and adjusted diluted earnings per share.

However, full year 2010 revenues are forecasted to be within the guidance range.

Hertz up following boost in expectations

Hertz chairman, Mark Frissora, said: “For the full year 2010, including the fourth quarter, we achieved strong financial and operational performance from our car and equipment rental businesses.

“As a result, we expect full year 2010 consolidated adjusted pre-tax income and adjusted diluted earnings per share to significantly beat the high end of our earnings guidance.”

On October 20th last year Hertz announced it had reaffirmed its full year 2010 revenue and Corporate EBITDA guidance in the range of $7.5 billion to $7.7 billion and $1.080 billion to $1.095 billion, respectively.

The company also announced it had increased its full year 2010 worldwide forecast for adjusted pre-tax income in the range of $315 million to $325 million, and adjusted diluted earnings per share in the range of $0.47 - $0.48.

Earlier this month the car rental group was celebrating the launch of the Chevy Volt.