(By Balaseshan) Hertz Global Holdings Inc. (NYSE: HTZ), which engages in the car and equipment rental businesses, reported better-than-expected quarterly results due to improving pricing and the positive impact of strategic investments.
Net loss for the fourth quarter was $36.4 million or $0.09 per share, compared to a profit of $47.1 million or $0.11 per share in the previous year quarter. Adjusted earnings per share (EPS) rose to $0.33 from $0.24.
Total revenue increased 15.1% to $2.319 billion, while revenue excluding the effects of foreign currency grew 15.5%.
Analysts, on average, polled by Thomson Reuters had expected a profit of $0.31 per share on revenue of $2.24 billion for the fourth quarter.
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Worldwide car rental revenues rose 14.0% to $1.933 billion, including results of Dollar Thrifty. U.S. car rental revenues increased 24.5%, 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).
Number of car rental transactions grew 15.4% to 7.52 million, driven by a 20.6% jump in domestic transactions and a 1.1% rise in international transactions.
Looking ahead into the fiscal 2013, the company expects adjusted EPS of $1.82 to $1.92 and revenue of $10.85 billion to $10.95 billion, while Street predicts EPS of $1.78 on revenue of $10.81 billion.
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HTZ closed Friday's regular session up 1.46% at $18.73. The stock has been trading between $10.22 and $19.98 for the past 52 weeks.