HERC doubles profits in 2012 after strong final quarter
By Murray Pollok25 February 2013
A strong final quarter saw Hertz Equipment Rental Co (HERC) more than double its pre-tax profits for 2012 to US$152.6 million on revenues up 14.5% at $1385 million.
Fourth quarter revenues were $385.3 million, and increase of 21.2%, with profits up 13.9% to $51.4 million, reflecting increased volume and pricing and lower costs.
Mark Frissora, CEO of Hertz Corp, said the company had made a good start to 2013, generating double digit growth at HERC and several other of its car rental businesses; “and we expect these businesses to maintain their pace of strong growth throughout 2013."
HERC invested $763 million gross in its fleet in 2012. The average age of its equipment is now 43 months compared to 48 months in the final quarter of 2011.
Although HERC’s main business is in North America, the company also has rental operations in Europe, China and Saudi Arabia.