January 15, 2013
Car rental company Hertz said Europe was more challenging than expected in the fourth quarter and there was no economic recovery in sight.
Pricing to business travelers at US airports remained under pressure, Hertz said in a regulatory filing ahead of its presentation at the Deutsche Bank Global Auto Industry Conference in Detroit.
Hertz expects Europe revenue to be flat in 2013 and pricing pressure in the United States to continue.
Rival Avis Budget Group in November forecast profit for the full year below expectations as a weak European economy hurt travel demand.
Hertz, which late last year bought smaller rival Dollar Thrifty to boost its leisure offering, expects the acquisition to be neutral to earnings in the fourth quarter.
