Although the big news splash of the day was Hertz Corp.’s announcement of the planned spinoff of Hertz Equipment Rental Corp. into a separate company, Hertz also reported a 10.2-percent year-over-year increase in fourth quarter revenues. Revenues from worldwide equipment rental for the fourth quarter were $400.9 percent, a 4 percent year-over-year hike compared to $385.3 million in Q412. For the full year, revenues for worldwide equipment rental rose 11 percent to $1.538 billion compared to $1.385 billion in 2012.
The primary drivers of the fourth quarter increase, Hertz said, were stronger equipment rental volumes, up 9.8 percent, along with a 2.4-percent pricing jump. Rental revenue in the fourth quarter faced tough comparisons in 2012 because of increased rental activity at the end of 2012 related to Hurricanes Sandy and Isaac.
Hertz Global Holdings posted record full-year worldwide corporate EBITDA of $2,043.7 million, a 25.7-percent increase compared to $1.626.4 million in 2012.
For more information about the spinoff of HERC, please go to: http://rermag.com/headline-news/hertz-separate-equipment-rental-car-rental-business
