NEW YORK (TheStreet) -- Much of the day's focus on Hertz (HTZ) has been in regards to its confirmation that it will spin off its equipment-rental business. But the company best known for its car rental operations also reported its fourth-quarter results before the bell.
So how did Hertz fare in its year-ending quarter?
In the three months to December, the owner of Dollar Thrifty reported net income of $121.1 million was nearly 13% lower than a year earlier. Per-share earnings of 26 cents came in 6 cents lower than analysts' estimates compiled by Thomson Reuters.
The company reported worldwide sales of $2.6 billion, a 10.2% year-over-year increase. U.S. car rental revenues jumped 14.1% to $1.47 billion, while international car rental revenues increased 5.8% to $544.2 million.
Analysts had forecast sales slightly higher to $2.62 billion.
"In a difficult fourth quarter, we achieved an adjusted earnings per share of $0.26 despite an estimated $0.12 impact of lower than expected pricing and higher expenses related to carrying extra fleet," said CEO Mark Frissora in a statement.
The Park Ridge, N.J.-based business confirmed rumors on Tuesday morning that its construction and industrial equipment segment would be split into an independent and publicly traded company.
In the split, Hertz will take its car rental businesses, while HERC (Hertz Equipment Rental Corporation) will take the construction and industrial rentals segment. Hertz will receive a one-time $2.5 billion payout in the split, which it will use to repay debt and support $1 billion in share buybacks. Last year, Hertz's equipment rental arm generated 14% of total revenue.