Car rental firm Hertz Global Holdings Inc. projected quarterly profit above market estimates amid increased cost savings.

Hertz Global Holdings Inc. is optimistic about demand in the market and its outlook for summer reservations has improved as it foresees stabilized U. S. and European demand.

Speaking on the topic, chief executive Mark Frissora said, "Our car rental demand in the U. S. and Europe has stabilized and we are experiencing better-than-anticipated summer peak reservation build in both markets." Cost savings in 2009 have been estimated to increase by 14 percent to $570 million by the company.

Hertz Global Holdings Inc. foresees second-quarter earnings of 9 cents to 12 cents a share and for the year it expects profit of 12 cents to 15 cents a share, while analysts recently anticipated earnings of 1 cent a share for the second quarter and for the year, analysts projected a loss of 23 cents.

Optimistic Hertz also plans to boost its fleet size.

In the recent trading, shares of the company closed at $7.01 on the New York Stock Exchange.