Hertz Equipment Rental Corp.

Hertz First Quarter Equipment Rental Revenues Up 12.6%

Hertz Global Holdings Inc. reported first quarter 2012 worldwide revenues of $2.0 billion, an increase of 10.7%, excluding the effects of foreign currency. Revenues from worldwide equipment rental for the first quarter were $302.1 million, up 12.6% year-over-year (a 13.4% increase excluding the effects of foreign currency).

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "We are gratified by strong first quarter 2012 results, further validating our long-term, balanced approach to running global businesses, which generated double-digit revenue and profit growth despite difficult conditions in Europe."

First quarter 2012 adjusted pre-tax income was $29.4 million, versus an adjusted pre-tax loss of $16.0 million in the same period in 2011, and loss before income taxes ("pre-tax loss"), on a GAAP basis, was $36.8 million, versus a pre-tax loss of $158.9 million in the first quarter of 2011. Corporate EBITDA(1) for the first quarter of 2012 was $208.0 million, an increase of 25.0% from the same period in 2011.

First quarter 2012 adjusted net income(1) was $19.4 million, versus a loss of $14.2 million in the same period of 2011, resulting in adjusted diluted earnings per share for the quarter of $0.05, compared with an adjusted diluted loss per share of $0.03 for the first quarter of 2011. First quarter 2012 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, or "net loss," on a GAAP basis, was $56.3 million or $0.13 per share on a diluted basis, compared with a loss of $132.6 million, or $0.32 per share on a diluted basis, for the first quarter of 2011.

For more about Hertz's first-quarter financial results...

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