LOS ANGELES (Reuters) -– Hertz Global Holdings (HTZ.N) slid into the red in the first quarter as revenue dived, but said on Tuesday that demand for car and equipment rental globally was stabilizing.

Hertz, the world's biggest consumer car rental company, pointed to a possible bottoming of rental volumes, even as the loss-making firm scrambles to slash costs in 2009 and turnaround a business hit by crumbling travel and corporate spending.
The company, which vies with the likes of Avis (CAR.N) in a global car rental arena that has worsened alongside the economic downturn, is now thought to be pondering acquisitions to try and drive future growth.
Hertz posted a loss -- excluding exceptional items such as restructuring charges -- of 25 cents a share, versus a profit of about 2 cents a share in the first quarter of 2008 and broadly in line with average analysts' estimates for a 22 cent loss.
Revenue of $1.6 billion in the quarter, however, fell short of average expectations of $1.83 billion, according to Reuters Estimates.
Investors are now looking to see if the global car rental operator will pick up any more assets. In April, Hertz won a bankruptcy auction for the assets of Advantage Rent-A-Car, which Hertz said on Tuesday will help galvanize growth in especially the U.S. leisure travel market.
“Leisure market car rental pricing continues to improve, while corporate pricing declines should moderate with easier second half 2009 comparisons,” Hertz said in a statement.
Hertz also said it hoped to drive bottom-line growth with more cost savings, raising its target for 2009 savings to $500 million versus under $200 million previously.
The company had already said it would slash more than 4,000 jobs in a worldwide overhaul through the first quarter.
Shares in the company held steady in after-hours trade.