Hertz Global Holdings said that based on 2010 efficiency savings it is increasing full-year 2010 adjusted diluted earnings per share guidance to a range of 47 to 48 cents per share. It anticipated doubling GAAP income before taxes for the third quarter of 2010 and increasing adjusted pre-tax income by about 30 percent for the same period.
Along with improvements in its car rental sector, the company expects Hertz Equipment Rental Corp. to record positive year-over-year revenue growth for the first time in two years. HERC’s adjusted pre-tax income is expected to improve by more than 30 percent year over year, with a corporate EBITDA margin of about 40 percent.
“While we have aged the HERC fleet to an average of approximately 50 months, which generates higher maintenance costs, these increases are being offset by other fleet and labor efficiencies, as well as solid same-store revenue growth across HERC’S North American markets,” said Hertz chairman and CEO Mark Frissora.
Hertz plans to hold a conference call to announce its third-quarter results Wednesday, Nov. 3, at 10 a.m. ET. Based in Park Ridge, N.J., HERC is No. 4 on the RER 100.