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Hertz Global Holdings, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 25, 2013 8:01 AM Flag

    Hertz Sets Financial Records For Fourth Quarter And Full Year

    Hertz Sets Financial Records For Fourth Quarter And Full Year

    Company provides earnings guidance and outlook for 2013
    -- Record worldwide revenues for the fourth quarter and full year 2012, up 15.1% (15.5% excluding currency effects), and 8.7% (10.5% excluding currency effects), respectively, year-over-year ("YOY").
    -- Record fourth quarter adjusted pre-tax margin of 9.2%, and record adjusted pre-tax income(1) of $213.5 million, 29.3% higher YOY. On a GAAP basis, pre-tax loss was $40.3 million, attributable primarily to Dollar Thrifty Automotive Group, Inc., or "Dollar Thrifty," related acquisition costs and charges.
    -- Car rental adjusted pre-tax income for the fourth quarter up 29.5% YOY, on an improved margin of 11.5%; worldwide equipment rental adjusted pre-tax income up 32.7% for the quarter, on an improved margin of 21.4%.
    -- Adjusted diluted earnings per share(1) for the quarter of $0.33 increased 37.5% compared to $0.24 in the fourth quarter of 2011. GAAP diluted loss per share of $0.09 decreased from earnings per share of $0.11 for the prior year period. The GAAP loss in the fourth quarter of 2012 includes $0.24 per diluted share of costs and charges related to the Dollar Thrifty acquisition.
    -- FY 2012 net cash flow from operations of $2.72 billion, an increase of $484.7 million YOY.
    -- Record Corporate EBITDA of $1.63 billion for the full year, up $246.1 million, or 17.7% YOY.
    -- Record adjusted pre-tax income for FY 2012 of $901.5 million, up 32.5% YOY, on a margin of 10%, up 180 bps. GAAP pre-tax income for FY 2012 of $450.6 million increased 38.9% compared to $324.3 million in 2011.

    PARK RIDGE, N.J., Feb. 25, 2013 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported fourth quarter 2012 worldwide revenues of $2.3 billion, an increase of 15.1% year-over-year (a 15.5% increase excluding the effects of foreign currency), including the results from our recent acquisition of Dollar Thrifty. Worldwide car rental revenues for the quarter increased 14.0% year-over-year (a 14.6% increase excluding the effects of foreign currency) to $1,932.5 million, including results of Dollar Thrifty. U.S. car rental revenues increased 24.5% for the quarter, including forty three days of revenues from Dollar Thrifty. Revenues from worldwide equipment rental for the fourth quarter were $385.3 million, up 21.2% year-over-year (a 20.7% increase excluding the effects of foreign currency).

    Fourth quarter 2012 adjusted pre-tax income was $213.5 million, versus $165.1 million in the same period in 2011, and loss before income taxes, on a GAAP basis, was $40.3 million, versus income before income taxes of $92.8 million in the fourth quarter of 2011. Corporate EBITDA(1) for the fourth quarter of 2012 was $412.8 million, an increase of 23.2% from the same period in 2011.

    Fourth quarter 2012 adjusted net income(1) was $140.9 million, versus $104.0 million in the same period of 2011, resulting in adjusted diluted earnings per share for the quarter of $0.33, compared with $0.24 for the fourth quarter of 2011. Fourth quarter 2012 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $(36.4) million or $(0.09) per share on a diluted basis, compared with net income attributable to Hertz Global Holdings, Inc. of $47.1 million, or $0.11 per share on a diluted basis, for the fourth quarter of 2011.

    Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "I'm pleased that Hertz once again delivered record fourth quarter and full year financial performance due to sustained operational excellence, improving pricing during the fourth quarter and the positive impact of strategic investments, including the acquisition of Dollar Thrifty Automotive Group. We also continue to realize best-in-class efficiency improvements with over $480 million of incremental cost savings in 2012, bringing total savings to over $2.6 billion since 2007. Net cash flows from operations topped $2.7 billion last year, a $484.7 million year-over-year increase, and accelerating cash flow generation will be a critical financial objective going forward. Finally, 2012 marked our third consecutive year of significant double-digit percentage improvements in adjusted pre-tax income, EBITDA, and adjusted earnings per share, as well as margin expansion," Frissora concluded.

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