Losses continue for Hertz

ESTERO — Hertz reported a quarterly net loss as the car rental business suffered from lower prices.

The car rental giant reported a net loss of $51 million on revenues of $2.3 billion in the quarter ending March 31. That compares with a net loss of $70 million on revenues of $2.45 billion in the same quarter one year ago.

“Though industry pricing decreased more than we anticipated, we mitigated the impact on our performance by continuing to lower our costs, which resulted in a 5% reduction in unit cost in our worldwide rental car business in the quarter,” says John Tague, president and CEO of Hertz, in a statement.