Hertz Global Holdings reported
profits in both the fourth quarter and for full-year 2015, indicating that the car rental company
may have stabilized its accounting and management issues.
Hertz’s fourth-quarter net
income was $70 million, compared with a net loss of $234 million during the
same period a year earlier. While revenue fell 5.7%, to $2.41 billion, on lower
pricing as the company grappled with less corporate demand from the gas and oil
industries, the company boosted its fleet efficiency to cut depreciation
expenses 23% while reducing operating expenses by 10%.
For the year, net income
was $273 million, upm from a net loss of $82 million in 2014.
Hertz, which had to restate financial results
for the year ended 2013, said early last year that it would cut annual expenses
by $200 million on better fleet management and other cost efficiencies. The
company announced those plans shortly after hiring John Tague as its CEO in
late 2014.