Hertz reported its first quarterly profit in a year as
pricing improved in the third quarter, though the gains largely were on the
leisure side.
U.S. pricing, which Hertz measures by revenue per day,
increased 2 percent year over year, and pricing for on-airport rentals rose 3
percent, even as U.S. transaction days declined 4 percent, due in part to hurricanes.
That boost came from a 5 to 6 percent increase in leisure pricing. Hertz has
seen "continued pressure on corporate rates," president and CEO
Kathryn Marinello said during an earnings call. Hertz attributed the overall U.S.
pricing increase to new revenue management tools and a better mix of customers
and fleet.
Pricing outside the U.S. declined 2 percent year over year,
and transaction days rose 5 percent.
Hertz's U.S. total revenue declined 1 percent year over year
to $1.7 billion, and revenue outside the U.S. rose 7 percent to $728 million.
Its net income for the quarter was $93 million, up from $44 million in the
third quarter of 2016, the last quarter in which Hertz reported a profit. Hertz
has faced heavy depreciation costs as it has upgraded its U.S. fleet.
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