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Hertz Reports Record First Quarter Earnings of $48.8 Million

14 April 1999

Hertz Reports Record First Quarter Earnings of $48.8 Million, Up 38%

    PARK RIDGE, N.J., April 14 -- The Hertz Corporation
, the world's largest car rental company and a leading industrial
and construction equipment rental business, reported record first quarter,
1999, earnings of $48.8 million, up 38 percent from the $35.4 million
generated for the same period last year.  Earnings per share on a diluted
basis for the quarter were 45 cents, up from 33 cents for the first quarter,
1998.
    Hertz achieved record revenues for the quarter of $1.033 billion, up
15 percent from $898.8 million for the same period last year.
    Hertz Chairman and Chief Executive Officer Frank A. Olson stated, "This
beginning of 1999 comforts our belief we will produce our eighth consecutive
year of increased earnings."
    Headquartered in Park Ridge, NJ, Hertz operates from 6,100 locations in
the U.S. and over 140 foreign countries.

                            THE HERTZ CORPORATION
                       Consolidated Statement of Income
                          (in Thousands of Dollars)
                                  Unaudited

                                 Three Months                     As % of
                                Ended March 31,                Total Revenue
                              1999            1998           1999         1998

    Revenue             $1,032,955       $898,796          100.0%       100.0%
    Expenses:
    Direct operating       488,288        441,301           47.3%        49.1%
    Depreciation of
     revenue earning
     equipment             276,725        225,300           26.8%        25.1%
    Selling, general
     and administrative    108,753        102,837           10.5%        11.4%
    Interest - net          77,150         68,632            7.5%         7.6%
    Total expenses         950,916        838,070           92.1%        93.2%
    Income before
     income taxes           82,039         60,726            7.9%         6.8%
    Income taxes            33,278         25,319            3.2%         2.9%
    Net income             $48,761        $35,407            4.7%         3.9%
    Earnings per share
     Basic                   $0.45          $0.33
     Diluted                 $0.45          $0.33

    Weighted average number of
    shares outstanding:
    Basic              107,889,681    108,173,721
    Diluted            108,396,939    108,684,210

                            THE HERTZ CORPORATION
                              Balance Sheet Data
                          (in Thousands of Dollars)
                                  Unaudited

                                                          March 31
                                                   1999              1998

    Revenue earning equipment:
     Cars                                   $4,921,176        $4,425,975
     Other equipment                          1,360,321           865,223
    Total assets                              9,292,986         7,665,073
    Total debt                                6,069,145         4,822,861
    Stockholders' equity                      1,418,408         1,162,309

    Note: Certain prior year amounts have been reclassified to conform to
          current year presentation.