HERC Posts 4.4-Percent Fourth-Quarter Increase

Hertz Equipment Rental Corp. posted a 4.4-percent year-over-year increase in the fourth quarter for worldwide equipment rental. The company’s revenues were $286.1 million, compared with $274.0 million for the same period a year ago. For the full year, rental revenues dropped 3.7 percent, with $1.07 billion in 2010, dropping from $1.11 billion in 2009.

Hertz Global Holdings posted a 5.5-percent increase in the fourth quarter with worldwide revenues of $1.8 billion. Worldwide revenues for the full year for both the automobile and equipment segments totaled $7.6 billion, a 6.5-percent year-over-year increase.

Adjusted pre-tax income for worldwide equipment rental for the fourth quarter of 2010 was $35 million, an increase of 35.7 percent compared with $25.8 million for the year-ago quarter. Worldwide equipment rental achieved an adjusted pre-tax margin based on revenues of 12.2 percent, a 280 basis-point improvement over the year-ago period.

HERC president Gerry Plescia, who has run Hertz’ rental division since 1996, left the company earlier this year. Hertz chairman Mark Frissora is overseeing the rental division while the company searches for a replacement for Plescia.

Based in Park Ridge, N.J., HERC is No. 4 on the RER 100.

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