Hertz Global Holdings' U.S. rental car revenue increased 7
percent year over year to $1.63 billion in the second quarter on higher volumes
and pricing.
U.S. transaction days rose 7 percent. While revenue per
transaction day was nearly flat at $41.37, time and mileage pricing, which
excludes ancillary costs like fuel charges and insurance, increased 3 percent.
Outside the U.S., revenue increased 8 percent to $589
million. Transaction days were flat, but that was skewed by the sale
of Hertz's Brazil operations last year. Revenue per transaction day
was $44.61, up 2 percent.
Hertz reported a loss of $63 million for the quarter,
compared with a loss of $158 million in the second quarter of 2017. President
and CEO Kathryn Marinello said the company is still spending significantly to
develop new technology platforms, add personnel, pay for consulting services and
invest in sales and marketing, which she said is playing "catch-up."
The spread between revenue and costs has been increasing for four consecutive
quarters, as revenue increases and "U.S. turnaround initiatives are
gaining traction," she said.
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