Weeks after its acquisition of Dollar-Thrifty was approved, Hertz Global Holdings Inc. posted sharply higher adjusted net income during the second quarter.
The company said its adjusted net income for the quarter was $204.4 million, up 32 percent from last year.
Hertz, in a statement today, said it generated record second-quarter revenue of $2.7 billion, up 22 percent from last year. Rental car revenue also reached a second-quarter record of $2.3 billion, up 23 percent from the year before.
Worldwide total revenue per transaction day was up 1 percent. Off-airport revenue for the quarter increased 12 percent from last year, while airport revenue increased only 5 percent.
Airport business has been hurt by the federal sequestration of government spending, which has reduced air travel and rentals by government agencies, CEO Mark Frissora said today during a conference call.
Frissora said the average age of the company's fleet has increased to 9.3 months from 8.8 months last year, largely because of the Dollar-Thrifty acquisition.
"The Dollar-Thrifty fleet was a lot older than ours," Frissora said. He added that the company is satisfied with how long it is holding onto vehicles.
Hertz's average number of company-operated vehicles stood at 830,300, up 27 percent, mostly from the Dollar-Thrifty acquisition.
The company's outlook remains the same. Hertz expects 2013 revenue between $10.85 billion and $10.95 billion.
