Hertz sees profits rise as industry shows green shoots

1st Aug 2012
Hertz sees profits rise as industry shows green shoots

Car rental giant Hertz Global Holdings has posted a quarterly profit ahead of market expectations as margins improved in the United States.

Strong demand from business and leisure travellers at hotels and airlines has, in turn, been helping rental companies such as Hertz.

Hertz said net income rose to $92.9 million, or 21 cents per share, for the second quarter from $55.0 million, or 12 cents per share, a year earlier.

Car rental margins in the US rose 210 basis points.

The company reaffirmed its 2012 adjusted earnings forecast of $1.28 to $1.38 per share on revenue of between $8.9 billion and $9.0 billion.

Hertz is expected to make another bid for another smaller rival Dollar Thrifty in the near future.



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