Hertz Global Q3 Profit Surges; Affirms Full-year Outlook - Quick Facts

(RTTNews) - Hertz Global Holdings, Inc. (HTZ) reported a 59 percent increase in profit for the third quarter from last year as lower revenues were more than offset by a decline in expenses. Looking ahead to fiscal 2015, the car rental company affirmed its corporate EBITDA guidance.

The company estimates that the unfavorable year-over-year impact of foreign exchange to total revenue was about $144 million and that the unfavorable year-over-year impact to adjusted earnings per share was about $24 million, or $0.03 per share.

For fiscal 2015, Hertz affirmed its adjusted corporate EBITDA guidance between $1.45 billion to $1.55 billion. The company said it remains on track to complete its previously stated targets of $200 million in cost savings in 2015 and $300 million annually for 2016.

The company's third-quarter net income was $237 million or $0.52 per share, up from $149 million or $0.32 per share reported last year.

Adjusted earnings for the quarter were $0.49 per share, compared to $0.44 per share last year. On average, nine analysts polled by Thomson Reuters estimated earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined 5 percent to $2.98 billion from $3.12 billion last year. Revenues were flat excluding the negative foreign exchange impact. Analysts had a consensus revenue estimate of $3.07 billion.