Net loss narrowed to $57.7 million or $0.18 per share from $62.6 million or $0.20 per share in the year ago period. Adjusted net income increased to $6.5 million or $0.02 per share from $6.3 million or $0.02 per share in the prior year quarter.
Analysts polled by First Call/Thomson Financial expected the company to report break even per share for the latest quarter.
Revenues rose to $2.04 billion from $1.92 billion last year. International revenues and the weaker U.S. dollar helped revenue growth. Analysts' expectations were for revenues of $1.94 billion.
Car rental revenues increased to $1.63 billion from $1.53 billion in the comparable year-ago quarter. The worldwide average number of company-operated cars during the first quarter was 437,400, up 3.3% over the prior year period.
Revenues from equipment rental increased to $411 million from $389.9 million in the same period last year. The company stated that revenue growth from non-construction equipment rental was 5.4%, but that it was partially offset negatively by a decline in the U.S. non-residential construction business.
Mark Frissora, the Chairman and Chief Executive Officer of Hertz Global, noted that the latest quarter results were strong despite economic headwinds affecting pricing and volume in the U.S. car and equipment rental businesses.
Hertz Global's corporate debt at the end of the latest quarter was $4.22 billion, down from $4.41 billion in the year ago period.
For the full year, the company backed its expectations for adjusted net income in the range of $450 - $470 million or $1.38 - $1.44 a share, on revenues of $8.9 - $9 billion. Analysts expect earnings of $1.41 a share, on revenues of $8.94 billion.
Hertz expects to achieve annual net savings of $250 million, excluding restructuring charges, from operating initiatives, restructuring programs and job cuts.
HTZ closed Wednesday's regular market session at $11.31, down 61 cents or 5.12% and in the extended trading gained 19 cents. HTZ is currently trading in a 52-week range of $9.90 - $27.20 on a volume of 2.74 million shares.
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