In its 2015 fourth-quarter report, Hertz Global Holdings Inc. announced that its Hertz Equipment Rental Corporation (HERC) continued to diversify its business, achieving a 42% increase in revenue from new accounts in North America on a constant currency basis in the fourth quarter. Hertz Global Holdings continues to expect that the planned separation of HERC as a public company is on track for mid-2016.
Industry reports indicate Hertz Equipment Rental Corp. will change its name to HERC when it's fully divested.
Fourth-quarter 2015 Worldwide Equipment Rental revenues totaled $386 million, a decrease of 7% from the fourth quarter of 2014. Excluding the unfavorable foreign currency impact of $10 million, revenue decreased 5% driven by continued pressure in upstream oil and gas related markets and the Oct. 30, 2015, sale of Hertz Equipment Rental operations in France and Spain. Adjusted corporate EBITDA for the Worldwide Equipment Rental segment for the fourth quarter of 2015 was $166 million, a $12 million decrease versus the fourth quarter of 2014.