Car and equipment rental services provider Hertz Global Holdings Inc. (HTZ), Monday raised its revenue and earnings guidance for full year 2009, citing favorable third quarter performance and improving macro outlook for the fourth quarter of 2009.
The company raised its adjusted earnings outlook for the year 2009 to a range of $0.21 to $0.23 per share from $0.12 to $0.15 per share indicated previously.
Adjusted pre-tax income is now expected to be in the range of $155 million to $165 million for the full year, up from prior guidance range of $100 million to $120 million.
The company anticipates revenues between $7.0 billion and $7.1 billion, compared with its previously announced guidance of $6.7 billion to $7.0 billion for the full year 2009.
Park Ridge, New Jersey based Hertz said its improved guidance is based on its favorable third quarter performance in its worldwide car rental business, as well as the improving macro outlook for the current fourth quarter of 2009.
Worldwide car rental adjusted pre-tax income for the third quarter increased 54.6% year-over year, and generated an adjusted pre-tax margin of 14.7%, a 630 bps improvement year-over-year, on 11.5% lower revenue, an 8.9% decrease in constant currency. Results were driven, in part by transaction days in the U.S. which decreased only 4.0% compared with the same period last year.
Worldwide equipment rental generated a 9.0% adjusted pre-tax margin, and a 41.9% Corporate EBITDA margin, on approximately 35% lower revenues, about 34% in constant currency.
HTZ finished Monday's regular trading at $9.62, down 41 cents or 4.09%, on a volume of 2.73 million shares on the New York Stock Exchange. However, in the after hours, the shares gained 2.91% or 28 cents, trading at $9.90.
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