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Hertz Global Holdings Q4 revenues up 10.2%

Staff writer ▼ | March 19, 2014
Hertz Global Holdings, Inc. reported record fourth quarter 2013 worldwide revenues of $2.6 billion, an increase of 10.2% year-over-year.
Hertz
HertzHertz Global Holdings, Inc. reported record fourth quarter 2013 worldwide revenues of $2.6 billion, an increase of 10.2% year-over-year.


U.S. car rental revenues for the quarter increased 14.1% year-over-year to $1,476.3 million, primarily due to Dollar Thrifty, which was acquired on November 19, 2012, partially offset by the December 2012 divestiture of Advantage.

International car rental revenues for the quarter increased 5.8% year-over-year to $544.2 million. Revenues from worldwide equipment rental for the fourth quarter were $400.9 million, up 4.0% year-over-year. All other operations revenues for the quarter increased 6.8% year-over-year to $134.9 million.

Worldwide adjusted pre-tax income(1) was $186.3 million, versus adjusted pre-tax income of $210.7 million in the same period in 2012, and pre-tax income, on a GAAP basis, was $62.3 million versus a pre-tax loss of $43.1 million in the fourth quarter of 2012.

Fourth quarter 2013 adjusted net income was $121.1 million, versus $139.1 million in the same period of 2012, resulting in adjusted diluted earnings per share for the quarter of 2013 of $0.26, compared to $0.33 for the fourth quarter of 2012.

On a GAAP basis, fourth quarter 2013 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders was $0.6 million or $0.00 per share on a diluted basis, compared to a loss of $36.8 million or $0.09 per share on a diluted basis for the fourth quarter of 2012.

Net cash provided by operating activities in 2013 was $3,589.7 million, compared to $2,709.8 million in 2012, an increase of $879.9 million. Free cash flow for the year ended December 31, 2013 was $448.7 million an increase of $293.6 million compared to the same period last year. The year-over-year improvement in free cash flow was primarily driven by earnings growth and improved working capital that more than offset a $60.2 million increase in net investments.

The increase in year-over-year net investments related to car rental fleet growth and non-fleet capital expenditures offset by a reduction in equipment rental fleet growth. The Company ended the fourth quarter of 2013 with total debt of $16.3 billion and net corporate debt of $6.0 billion, compared with total debt of $15.4 billion and net corporate debt of $5.9 billion as of December 31, 2012.


 

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