Hertz Global Holdings total revenue increased 3% year over year to $2.8 billion in the third quarter, as the company reported strong demand and improving pricing in the U.S.
Within the U.S., revenue increased 6% year over year to $2 billion. Transaction days were up 5% year over year, and revenue per day was up 1%. Hertz reported "favorable airport and off-airport" pricing during the quarter and excluding rentals to drivers for ride-hailing services, pricing was up 2% year over year in the United States, CFO Jamere Jackson said.
"That's pretty strong given the environment that we're in," Jackson said, adding that pricing was "pretty strong" in October as well.
New revenue management technology that uses artificial intelligence and machine learning is "paying huge dividends in the U.S., he said. Hertz is now starting to implement the technology in other global markets.
Outside of the U.S., total revenue declined 4% year over year to $702 million. Excluding the effects of currency exchange, they were flat. Transaction days were down 2% year over year due to weaker performance in Europe. Pricing, however, improved in both Europe and Asia/Pacific, pushing revenue per day outside of the U.S. up 1% year over year.
Hertz reported a net income of $169 million for the quarter, up from $141 million in the third quarter of 2018.
Source: Business Travel News