Hertz Reports Solid Q1 Results, Loss Narrows To $0.03, Revs Up 7.2% YoY
Apr 26, 2011
Hertz Global Holdings (NYSE:HTZ) reported a Q1 EPS loss of $0.03, beating the consensus estimate for a $0.05 per share loss. Revenue for the quarter was up 7.2% year-over-year to $1.78 billion, just above the consensus estimate for $1.77 billion.
Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "We continued to make significant operational progress and balance sheet improvements in the first quarter of 2011. U.S. car rental delivered record first quarter adjusted pre-tax income results despite unusually severe winter weather in January and February, and Europe car rental performed well again despite an unsettled economic environment. Both businesses achieved their highest customer service ratings since we began measuring in 2007."
The company sees 2011 EPS of $0.85 to $0.90, above the consensus estimate for $0.83 per share, and 2011 revenues of $8.10 to $8.20 billion, vs. the consensus estimate for $8.13 billion.