Hertz's U.S. rental car revenue increased 10 percent year over year to $1.85 billion in the third quarter as the company reported stronger pricing and corporate business growth.
Transaction days in the U.S. rose 7 percent, and time and mileage pricing went up 5 percent. Among Hertz's corporate customers, pricing is "basically leveling off," as opposed to the recent trend of declines, and Hertz is pushing a harder line in negotiations, president and CEO Kathryn Marinello said in an earnings call.
"We're working hard as we are renegotiating contracts to look for price increases based on the value and service we are providing these customers," she said. "More importantly, we're growing our share of commercial customers in the commercial fleet space, and we're signing new customers."
Outside the U.S, Hertz's rental car revenue increased 1 percent year over year during the quarter to $732 million. Volume rose 2 percent, excluding the impact of the sale of its operations in Brazil. Growth in the Asia/Pacific region was "solid," and Europe showed "moderate leisure growth," according to Hertz.
Hertz reported a net income of $141 million for the quarter, up from $93 million in the third quarter of 2017.
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