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Hertz tops targets in 2Q
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July 13, 1999: 7:49 a.m. ET
Auto renter optimistic about coming quarters after 17% gain in net income
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NEW YORK (CNNfn) - Hertz Corp. Tuesday topped analysts' targets in its second quarter with a 17-percent increase in income, expressing optimism for coming quarters at the auto rental company.
The Park Ridge, N.J.-based company earned $87.9 million, or 81 cents a diluted share, in the quarter ended June 30. That was up from the $75.1 million, or 69 cents a diluted share, in the year-earlier quarter - and three cents better than the consensus of analyst forecasts, as compiled by First Call Corp., a research firm.
Revenue rose 11 percent to $1.05 billion.
"We continue our optimism that we will record our sixth consecutive year of record earnings and our eighth consecutive year of earnings improvement," said Frank Olson, Hertz chairman and chief executive officer, in a statement.
Shares of Hertz (HRZ) fell 1-5/16 Monday to 56-9/16.
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Hertz Corp.
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