Hertz Global Holdings’ third-quarter revenue declined 5
percent year over year to $3 billion on lower rates and softer corporate
demand, executives said Tuesday.
Hertz president and CEO John Tague said overall U.S.
revenue, down 2 percent year over year to $1.7 billion, and revenue per
transaction day in the United States, which declined 2 percent to $45.41, were
“somewhat short of expectations. We saw a significant deterioration in
published pricing in the back half of the quarter and softening of commercial
traffic.”
Outside the United States, Hertz’s
third-quarter revenue declined 14 percent year over year to $687 million,
though that owed largely to foreign currency effects. Excluding those, non-U.S.
revenue increased 3 percent year over year, and revenue per transaction day
increased 2 percent, according to Hertz.
Hertz reported a third-quarter net income of $237 million,
up from $149 million in the third quarter of 2015. The company has made
progress with cost-reduction plans and improvements to fleet management, according
to Tague.