However, Hertz missed Wall Street analysts projected targets for earnings per share and revenue in t

Hertz Global Holdings Inc. has reported a record fourth quarter 2013 worldwide revenues of $2.6 billion, an increase of 10.2% year-over-year. The adjusted net income in Q4 2013 was $121.1 million, compared to $139.1 million in the same period of 2012.
For the fourth quarter, U.S. car rental revenues increased 14.1% year-over-year to $1,476.3 million, says Hertz. This was primarily due to Dollar Thrifty, which was acquired on Nov. 19, 2012, and partially offset by the December 2012 divestiture of Advantage. For U.S. off-airport locations, total revenues for Q4 increased 9.8% year-over-year.
"In a difficult fourth quarter, we achieved an adjusted car rental agencies in las vegas earnings per share of $0.26 despite an estimated $0.12 impact of lower than expected pricing and higher expenses related to carrying extra fleet," said Mark P. Frissora, Hertz s chairman and chief executive officer. "However, 2013 was another record-setting year for Hertz on both revenues and profits. We achieved a fourth consecutive year of 20%+ adjusted pre-tax income and EPS growth in 2013, on revenues which increased 19.4%."
However, Hertz missed Wall Street analysts projected targets for earnings per share and revenue in the fourth quarter 2013, while Hertz has adjusted earnings per share below previous estimates for the first quarter in 2014 and full year.
For the full year 2013, Hertz s worldwide revenue was $10.8 billion, an increase of 19.4% over the prior year. U.S. car rental car rental agencies in las vegas revenues car rental agencies in las vegas for the year increased 29.2% to $6.3 billion. Full year 2013 adjusted net income was $749.6 million, an increase of 27.3% from 2012, according to Hertz.
In January and February, we were pleased with higher-than-anticipated Hertz U.S. RAC airport demand and pricing, car rental agencies in las vegas attributable to two increases car rental agencies in las vegas we instituted early last December, despite carrying extra fleet, said Frissora. Our 2014 guidance range reflects a balanced, current assessment of residual value risks, pricing and demand sensitivities. We intend to close the guidance range as the year unfolds."
Hertz also announced today that its board of directors has approved plans to separate the Hertz car and equipment rental businesses into two independent, publicly traded companies. Additionally, the Hertz Board approved a new share repurchase program totaling $1 billion.
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