Hertz Global Holdings swung to a fourth-quarter profit, reporting increased rental-car demand worldwide and lower interest costs.
Hertz’s net income was $47.1 million, compared with a year-earlier loss of $28.1 million. Revenue rose 9.7% to $2.01 billion.
Rental-car revenue increased 9.6%, excluding currency effects. In the U.S., an 8.6% jump in transaction days more than offset the effects of a 5.2% drop in prices.
Meanwhile, Hertz cut its interest expense as a percentage of revenue to 8.3% from 11% a year earlier.
“You can see that our strategy is paying off,” Hertz CEO Mark Frissora said on a conference call with analysts Thursday. “All of this was achieved amidst a challenging global environment.”
For the year, Hertz reported net income of $176.2 million, compared with a net loss of $47.7 million in 2010. Revenue rose 9.7% to $8.3 billion.
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