Hertz Global narrows 4Q loss from year-ago period with heavy charge to lower value of assets

Hertz Global Holdings narrows 4th-quarter loss

PARK RIDGE, N.J. — Rental car company Hertz Global Holdings Inc. narrowed its loss in the fourth quarter, compared with a year-ago quarter when it took a charge to lower the value of assets on its balance sheet by more than $1 billion.

The company, late Tuesday, posted a net loss of $30.9 million, or 8 cents per share. In the same period last year, Hertz’s net loss totaled $1.22 billion, or $3.77 per share, hurt by a $1.2 billion impairment charge.

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 edged down 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 slipped about 1 percent from the 2008 quarter.

Equipment rentals plunged 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 fell 17 percent to $7.1 billion from $8.5 billion the prior year.