(Reuters) – Hertz Global Holdings Inc on Thursday reported a 12% jump in quarterly revenue, as demand for rental cars stayed healthy amid surging leisure travel and constrained production from automakers.
The company’s revenue rose to about $2.5 billion for the quarter through September from $2.23 billion a year ago.
The car rental industry, tied closely to airline traffic and hotel bookings, has seen a robust rebound in demand due to pent-up desire to travel and easing coronavirus restrictions.
Consumers have also increasingly opted for rental cars as automakers such as Ford Motor Co and General Motor Co struggle to fulfill demand due to supply shortages.
However, expenses continued to weigh on Hertz. Third-quarter net income rose just 1% to $577 million, or $1.33 per share.
(Reporting by Priyamvada C in Bengaluru; Editing by Maju Samuel)
