Hertz Global Holdings Inc. (NYSE: HTZ) reported Wednesday that the rental car company narrowed its loss in the fourth quarter, according to Associated Press.
The company posted a net loss of $30.9 million, or 8 cents per share, compared to a loss totaled $1.22 billion, or $3.77 per share, in the same period last year, which was hurt by a $1.2 billion impairment charge.
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Excluding restructuring charges, amortization and other special items, Hertz said its 2009 fourth-quarter net income totaled 6 cents per share.
Analysts surveyed by Thomson Reuters predicted Hertz would earn 1 cent per share. Such estimates generally exclude special items.
Revenue fell 3 percent to $1.74 billion from $1.79 billion in the year-ago quarter.
The company said worldwide car rental revenue increased 3 percent to $1.5 billion, even as the number of cars in its fleet and the number of rental transactions worldwide fell about 1 percent from the 2008 quarter.
Equipment rentals dropped 26 percent to $274 million.
For the full year, Hertz narrowed its net loss to $126 million, or 34 cents per share, from $1.21 billion, or $3.74 per share in 2008. Annual revenue dropped 17 percent to $7.1 billion from $8.5 billion the prior year.
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