Hertz Global Q2 Adj. Profit Meets Estimates, But Revenues Top; Backs FY Outlook

(RTTNews) - Hertz Global Holdings Inc.'s (HTZ) Second quarter 2013 net income attributable to common stockholders was $121.4 million or $0.27 per share up from $92.9 million or $0.21 per share for the second quarter of 2012.

Second quarter 2013 adjusted net income was $204.4 million, versus $154.4 million in the same period of 2012, resulting in adjusted earnings per share for the quarter of $0.45, compared to $0.35 for the second quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose to $2.715 billion from $2.225 billion last year. Five analysts had consensus revenue estimate of $2.70 billion for the quarter.

The company reported second quarter 2013 worldwide revenues of $2.7 billion, an increase of 22.0% year-over-year. Worldwide car rental revenues for the quarter increased 23.3% year-over-year to $2.329 billion. Revenues from worldwide equipment rental for the second quarter were $384.3 million, up 14.7% year-over-year.

For fiscal 2013, the company reaffirmed guidance for 2013, and continues to expect adjusted net income to be in the range of $830 million - $875 million or $1.82 - $1.92 per share, and revenues of $10.85 billion - $10.95 billion. Analysts expect the company to report earnings of $1.90 per share on revenues of $10.90 billion for fiscal 2013.