HERC sees 10.7% rise in third quarter

Hertz equipment Rental Co (HERC) reported third quarter revenues of US$401.8 million, up 10.7% year-on-year. Net profits were up 13.1% at $56.9 million.

Hertz said the principal drivers of the increase were an increase of 14.9% in volumes and a 2.9% increase in pricing. “Volume increased on strong industrial and improving construction performance”, said the company.

Hertz has invested $581.5 million, gross, on its equipment rental fleet in the first nine months of 2013, compared to $606.5 million in the same period during 2012. During the nine months Hertz generated around $100 million by selling existing fleet.

The company did not provide a break-down of revenues and profits for its North American, European and rest of the world operations.

The vast majority of HERC's revenues are generated in North America, but it also operates a significant rental business in France and Spain as well as China and Saudi Arabia.

As a group, Hertz reported record third quarter revenues of $3.07 billion and record pre-tax profits of $519.5 million.