Yesterday no fewer than 20 companies around the world announced 40,000 layoffs. As I posted, that's the flip side of the great inflation report that came out this week. And those 40,000 are among the first of 2.1 million U.S. jobs that are forecast to disappear in 2009 -- particularly if the $825 billion stimulus plan does not pass.

Here are some of yesterday's cuts from the U.S. companies:

• Circuit City Stores is liquidating and taking 30,000 jobs along for the ride
• Hertz Global Holdings Inc. (NYSE: HTZ) is eliminating 4,000 jobs worldwide due to a drop in travel demand.
• WellPoint (NYSE: WLP) the second-largest U.S. health insurer, will end 1,500 jobs, which include 600 workers and 900 open positions.
• Clear Channel (NYSE: CCO) -- the largest U.S. radio broadcaster -- will lay off 1,500 employees on January 20.

Continue reading 40,000 jobs lost in one day as deflation's vicious cycle accelerates

40,000 jobs lost in one day as deflation's vicious cycle accelerates originally appeared on BloggingStocks on Sat, 17 Jan 2009 11:10:00 EST. Please see our terms for use of feeds.

Hertz Global Holdings Inc. (NYSE: HTZ) posted record 4Q revenues just shy of $2 billion, an 8% increase over 4Q 2005. Numbers were good across the board. 4Q adjusted pre-tax income was $132.5 million, up 142.2%. No, that's not a typo. Adjusted pre-tax income more than doubled for the period. Net corporate debt decreased $388 million in 4Q alone. Car rental revenues were up 7.3% to $1.55 billion. Equipment rental revenue was up 10.6% to $436 million. Net income for 4Q 2006 was $39.8 million, $0.14 per fully diluted share.

For the full year, worldwide revenue was up 7.9% and adjusted pre-tax income was up 47.1% while net corporate debt for the year decreased $284 million.

To what should we attribute this very positive numbers? Remember that 4Q 2005 was the time of the Gulf Coast hurricanes that depressed business earnings across the board, so it is easy to post impressive quarter-to-quarter gains. But Hertz's numbers are more than that. Hertz management has been steadfast in cutting operating expenses, yet at the same time increasing the advertising budget by more than $6 million. Rental prices per day increased total rental rate revenue 3% in the US. Hertz also signed a multi-year deal to be the car rental agency of choice for AAA. Hertz has been developing and promoting its own-way car rentals anywhere in the US. Hertz has also combined with Ryanair, a budget European airline to provide ground transportation at key destination points. Beginning in January 2007, Hertz and United Airlines have a preferred partnership deal. Lastly, Hertz.com, the online reservation and booking site, hit over $1 billion in rental revenue.

Looking forward, Hertz forecasts mid single-digit demand growth for rental cars in the US and Europe. Full-year 2007 revenues are forecast at $8.5-$8.6 billion. Adjusted net income is forecast in the $372-395 million range, approximately $1.15-1.22 per share.

Hertz posts impressive 4Q and full year results originally appeared on BloggingStocks on Mon, 02 Apr 2007 09:53:00 EST. Please see our terms for use of feeds.

Huge Hertz private equity deal going public originally appeared on BloggingStocks on Tue, 14 Nov 2006 11:15:00 EST. Please see our terms for use of feeds.