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Hertz sees record earnings
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October 13, 1998: 7:45 a.m. ET
Rental car giant posts strong 3Q profits, beating Wall Street estimates
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NEW YORK (CNNfn) - Hertz Corp. reported record earnings and revenues for the third quarter, surpassing Wall Street expectations by four cents a share.
The company posted earnings of $118.7 million or $1.09 per diluted share, a 27 percent increase from last year's $93.4 million or 86 cents per diluted share.
Analysts had forecast earnings per share of $1.05 for the quarter ended Sept. 30.
Revenue was $1.225 billion, up 11.2 percent or $123 million from $1.102 billion for the same period last year.
For the first nine months of 1998, net income was $229.1 million, up 37 percent from $167.1 million last year. Revenue was $3.172 billion, up 7.3 percent from last year's $2.957 billion
Park Ridge, N.J.-based Hertz said revenues were negatively affected by changes in foreign exchange rates. Without that impact, revenues would have increased 8.5 percent or $252 million from the previous year.
"We are very pleased with our trends on volume and pricing recovery, and are comfortable that we will produce our fifth consecutive record profit year," the company's chairman and chief executive Frank Olson said.
Shares of Hertz (HRZ) closed up 3-9/16 at 33-7/8 on the New York Stock Exchange Monday. 
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Hertz
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