Hertz Global Q3 Profit Rises; Reaffirms FY View - Quick Facts

(RTTNews) - Hertz Global Holdings Inc. (HTZ) reported that its third quarter adjusted net income rose to $337.7 million or $0.73 per share from $280.3 million or $0.63 per share in the prior year.

Net income attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $214.7 million or $0.47 per share, compared to $242.9 million or $0.55 per share a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted pre-tax income increased to $519.5 million from $424.8 million last year and GAAP pre-tax income was $328.3 million versus $368.9 million a year ago. Corporate EBITDA was $740.8 million, an increase of 22.0% from the previous year.

Total revenues for the quarter climbed to $3.07 billion from $2.52 billion last year. Seven analysts had consensus revenue estimate of $3.06 billion for the quarter.

U.S. car rental revenues were $1.8 billion, an increase of 32.6% from the prior year. International car rental revenues rose 9.7% to $768.6 million, while worldwide equipment rental revenues grew 10.7% to $401.8 million.

The company's board of directors has approved a share repurchase program to purchase up to $300 million of common stock.

For fiscal 2013, the company reaffirms worldwide revenues view in range of $10.8 billion - $10.9 billion, Corporate EBITDA in range of $2.12 billion - $2.19 billion. The company still anticipates full year adjusted pre-tax income view in range of $1.2 billion - $1.27 billion, adjusted net income of between $780 million and $830 million and adjusted earnings per share in the range of $1.68 - $1.78.

Analysts expect the company to report earnings of $1.74 per share on revenues of $10.81 billion for fiscal 2013.