|
Hertz earnings jump 17%
|
 |
October 12, 1999: 8:28 a.m. ET
Car rental company posts record 3Q, appoints new CEO
|
NEW YORK (CNNfn) - Hertz Corp. said Tuesday third-quarter earnings jumped 17 percent to a record $139 million, or $1.28 a share, topping Wall Street forecasts by 3 cents a share.
Analysts polled by First Call Corp. had forecast earnings of $1.25 a diluted share.
In the 1998 period, Hertz earned $118.7 million, or $1.09 a share. Revenue in the latest period rose to $1.345 billion from $1.225 billion a year earlier.
The world's largest car rental company also said Chairman Frank Olson will retire as CEO Dec. 31. Olson, who had been CEO for 23 years, will continue as non-executive chairman of the board, the company said.
Succeeding Olson as CEO will be Craig R. Koch, 52, currently president and chief operating officer. Koch joined Hertz in 1971. He has held a variety of management positions with the company. In 1977, he became vice president of operations for London-based Hertz Europe, Ltd. In 1980, he returned to the United States. to become vice president and general manager of the car rental division. He was made executive vice president in 1983 and, in 1988, president of the North American Rent A Car division. He was elected president and chief operating officer in 1993.
Headquartered in Park Ridge, N.J., Hertz operates from 6,300 locations in the U.S. and over 140 foreign countries.
Shares of Hertz (HRZ) fell 1-1/8 Monday to 42-13/16. 
-- from staff and wire reports-
|
|
|
|
|
|
Hertz
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
