Hertz Global Holdings reported a $30.9 million net loss in the fourth quarter of 2009, as the company took $34.5 million in restructuring charges.
Hertz said the charges were primarily attributable to costs associated with job reductions, the closure of rental locations and changing its business processes. The company said it expects restructuring charges to "diminish significantly" throughout 2010.
The car rental company's fourth-quarter revenue fell 2.7%, to $1.74 billion. Worldwide car rental revenue was $1.5 billion, a 3.4% increase when including foreign currency gains. Worldwide car rental revenue dipped 0.6% at constant currency.
In the U.S., Hertz reported that U.S. car rental revenue for the quarter was up 2.5%, driven by improving business travel, off-airport growth and the addition of the Advantage brand. Hertz bought Advantage Rent A Car in a bankruptcy auction last April.
Worldwide equipment rental revenue was $274 million for the fourth quarter, a 26.1% decrease (a 28.9% decrease in constant currency).
For the full-year 2009, Hertz lost $111.3 million on revenue of $7.1 billion. Revenue was down 16.7% from full-year 2008.
