US-based car hire firm Hertz Global Holdings reported on Tuesday that its third quarter profits had doubled compared to a year ago.

Profits for the third quarter totalled in excess of $156 million, more than twice the $64.5 million it had reported the same time last year. To the delight of shareholders, profits amounted to $0.36 per share.

The company cites lower fleet costs, improved revenue in the US market and strong performance from its European operations.

The news was not unexpected as analysts had predicted a profit of $0.37 per share before items.

Among other numbers, the New Jersey-based company saw a 7% rise in total revenues amounting to $2.19 billion following last year’s $2.04 billion. Analysts had predicted 2.20 billion prior to the announcement.

Chief executive and chairman of Hertz Global, Mark Frissora, pointed out that the third quarter of this year marked the fifth consecutive quarter in which the company had increased its pre-tax income. He then went on to boast about the doubling of year-on-year profits.

The news comes as car rentals revenues are up worldwide at 8.3% higher than from the same time last year. Meanwhile, equipment rentals worldwide are up a modest 0.2%.