Hertz Global Holdings total revenues increased 3 percent
year over year to $2.8 billion in the third quarter, as the company reported
strong demand and improving pricing in the U.S.
Within the U.S., revenues increased 6 percent year over year
to $2 billion. Transaction days were up 5 percent year over year, and revenue
per day was up 1 percent. Hertz reported "favorable airport and
off-airport" pricing during the quarter and excluding rentals to drivers
for ride-hailing services, pricing was up 2 percent year over year in the
United States, CFO Jamere Jackson said.
"That's pretty strong given the environment that we're
in," Jackson said, adding that pricing was "pretty strong" in
October as well.
New revenue management technology that uses artificial
intelligence and machine learning is "paying huge dividends in the U.S.,
he said. Hertz is now starting to implement the technology in other global
markets.
Outside of the U.S., total revenues declined 4 percent year
over year to $702 million. Excluding the effects of currency exchange, they
were flat. Transaction days were down 2 percent year over year due to weaker
performance in Europe. Pricing, however, improved in both Europe and
Asia/Pacific, pushing revenue per day outside of the U.S. up 1 percent year
over year.
Hertz reported a net income of $169 million for the quarter,
up from $141 million in the third quarter of 2018.
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