Hertz Equipment Rental Corp. has reported worldwide equipment rental revenues were $286.1 million for the fourth quarter of 2010, a 4.4% increase from the prior year period.
Adjusted pre-tax income for worldwide equipment rental for the fourth quarter of 2010 was $35 million, an increase of 35.7% from $25.8 million in the prior year period, primarily attributable to the effects of increased volume and cost management initiatives. Worldwide equipment rental achieved an adjusted pre-tax margin, based on revenues, of 12.2%, a 280 basis point improvement over the prior year period, and a Corporate EBITDA margin, based on revenues, of 40.1% for the quarter.
In 2011, Mark P. Frissora, CEO, said the company will continue to focus on incremental cost management and revenue growth, as well as additional refinancings to optimize its global debt structure, including improvements to its maturity profile. In 2010, Hertz completed almost $6 billion of global debt refinancings on highly favorable terms which will materially decrease its interest expense through 2015.