Hertz Global Holding reported net income of $237 million, or $0.52 per diluted share, for the third quarter 2015, compared with net income of $149 million, or $0.32 per diluted share, for the same period last year.
Article continues below
The company also reported that adjusted net income for the third quarter 2015 was $226 million, or $0.49 per diluted share, compared with $203 million, or $0.44 per diluted share, for the same period last year.
Total revenues for the third quarter 2015 were $3.0 billion versus $3.1 billion for the same period last year. Adjusted Corporate EBITDA for the third quarter of 2015 was $601 million versus $553 million in the third quarter of 2014.
Foreign currency exchange rates had an unfavorable impact on Hertz Global's third quarter 2015 results versus the prior year period. The company estimates that the unfavorable year-over-year impact to total revenue was approximately $144 million and that the unfavorable year-over-year impact to adjusted diluted EPS was approximately $24 million, or $0.03 per share.
Unrelated to its third quarter 2015 operating results, Hertz Global filed a restated Form 10-Q for its second quarter 2015 indicating an increase of $21 million to pre-tax income and $13 million to net income (loss) for the three and six months ended June 30, 2015.
The restatement results from a prior period error related to the depreciation of vehicles sold through the company's retail car sales locations that impacted the financial statements filed in its Form 10-Q for the second quarter 2015.
As a result of this error, depreciation expense during the three and six months ended June 30, 2015 was overstated by $21 million and $18 million, respectively. In addition to the depreciation expense error, the company corrected an error in direct operating expenses that resulted in a $3 million overstatement of direct operating expenses for the three and six months ended June 30, 2015.
The correction of the errors described above increased diluted earnings per share for the three months ended June 30, 2015, and decreased diluted loss per share for the six months ended June 30, 2015, by $0.03. ■