Posts Tagged ‘Standard & Poor’

Enterprise continues strong performance in 2010

Friday, October 1st, 2010

Enterprise Holdings, the umbrella company which operates Enterprise Rent-A-Car, Alamo Rent A Car and National Car Rental, is celebrating the highlights of the 2010 financial year. The world’s largest car rental service provider ended its fiscal year on 31 July with a four per cent increase in revenues of $12.6 billion. In 2009 the firm declared revenues of $12.1 billion.

Enterprise said the results indicated improvement across all of its worldwide operations. Chairman and chief executive, Andrew C Taylor, said the strong results for the last financial year were due to a tightening of costs, improved customer service and strong management. He added that the last few years had been a struggle, but Enterprise had managed to rise to the challenge of the difficult economic conditions.

The improved financial results are a reflection of the successful integration of the Alamo and National brands and a continued strong performance by the flagship Enterprise name.

Taylor said the acquisition of Alamo and National in 2007 was continuing to show long term pay offs. He added that the combined performance of all three brands would provide the momentum needed for continued growth through the 2011 fiscal year.

In recognition of Enterprise Holdings’ improved financial performance, Standard & Poor Ratings Services pushed its long-term rating for the company up from BBB to BBB+ in February. S&P said it had decided to do this because the firm continued to prove it had strong cash flow, had managed to substantially reduce its debt and had strengthened its credit ratios.