Hertz updates Full Year 2010 Guidance

Hertz updates Full Year 2010 Guidance

Hertz announced updated full year 2010 guidance, indicating it expects to beat its high end guidance for adjusted pre-tax income, adjusted diluted earnings per share and Corporate EBITDA. The Company said it expects to significantly beat its high end guidance for adjusted pre-tax income and adjusted diluted earnings per share. Additionally, the Company said its full year 2010 revenues are forecasted to be within its guidance range.

Mark P. Frissora, Chairman and Chief Executive Officer, 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. We expect Corporate EBITDA to beat high end guidance, with full year revenues forecasted to be in line with guidance.”

On October 20, 2010, the Company 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.