Tomahawk, WI 11/06/2013 (BasicsMedia) – Hertz Global Holdings, Inc. (NYSE:HTZ) seem to be outdoing itself in the market evident by it, posting better than expected financial results for the third quarter. The company’s net income grew from a $280.3 million or $0.63 a share that it posted the same quarter a year ago to a high of $337.7 million or $0.73 a share for the third quarter F2013. These results made Hertz surpass Zacks Consensus estimates by a couple of cents. Hertz third quarter earnings rose by 15% from the 63 cents it recorded a year ago attributed to robust sales in its four main principal businesses. Hertz mainly relies on US Off airport car rental, worldwide equipment and Dollar Thrifty businesses for its revenue throughout the year.

Hertz net income attributed to its Global holdings and subsidiaries of common stockholders on a GAAP basis stood at $214.7 million or $0.47 per share, for the same quarter a year ago the same GAAP stood at $242.9 million or $0.55 indicating a slight decline. Hertz Holding saw its adjusted pretax income reach a high of $519.5 million compared to the same quarter FY12 of $424.8 million. Its GAAP pretax income stood at $328.3 million versus $368.9 million a year ago.

Hertz revenue grew by 22% for the third quarter to clock a high of $3,069.4 million on year-over-year basis slightly beating Zacks consensus estimates of $3,022 million. The increase in revenue can be attributed to the acquisition of Dollar thrifty which was one of its smaller competitors in the past quarters. The company’s earnings before the deduction of interest’s taxes depreciation and amortization increased 22% to clock at $740.8 million. Hertz US car rental segment saw an improvement in terms of revenue collection as it grew by 36% to clock a high of $1,765.5 million attributed to the acquisition of Dollar Thrifty. The third quarter also saw an upsurge of US off airport sales and car rental total revenue by 11% and 2.0% on the year over year basis respectively.

 The number of cars operated during the third quarter grew by 33.9% to 493,400 due to the acquisition of Dollar Thrifty. The international car revenue segment recorded revenues totaling $768.6 million; this was a 9.7% increase. The total number of cars operated on the international segment stood at 187,900 which is a 3.5% increase on a year over year basis. Worldwide equipment rental segment also saw its quarterly revenues increase by 10.7% to post a high of $401.8 million

Hertz Global Holdings, Inc. (NYSE:HTZ) ended the third quarter on a high with cash and cash equivalent of $548.7 million with its total debt standing at $17,136.2 million with shareholders equity mounting to $2,820.9 million. The company during the third quarter recorded free cash flow of $418.5 million compared to a negative cash flow of $100.8 million a year ago. This was mainly impacted by the growth in the company’s earnings and good performance of the working capital. The company expects to post revenues in the ranges of $10.81 billion for the entire 2013 fiscal year.

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