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March 18, 2014
10:43 EDTHTZHertz sees FY14 gross fleet investment $600M-$675M
Says went into October significantly over-fleeted. Says excess fleet made it more difficult to optimize pricing. Says aggressively selling fleet. Says rolling out price optimization system. Says Q4 challenges were unusual and temporary. Says excess fleet situation is "nearly behind us." Expects to see similar trends and expenses associated with excess fleet in Q1 as Q4 , "but after that those costs will be behind us." The company said its priority for FY14 is double digit revenue growth. Says expects to be able to tighten guidance range as the company has more flexibility throughout the year. Expects more growth in Europe as market stabilizes. Expects international revenue fleet costs to be down low single digits in FY14. Says fleet utilization should progressively improve starting in the second quarter but expects to get back to the 2012 to 80% plus rate this year. Expects rental car performance to gain viability and recognition among shareholders. Says sees being active in returning shareholder value. Comments made during the company's Q4 earnings conference call
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