UPDATE 2-Hertz Global Q3 profit beats Street, shares up

* Q3 adj EPS $0.31 vs est $0.24

* Revenue falls 16 pct

* Shares rise 4 pct in after-mkt trade (Recasts; adds details, updates share movement)

Oct 29 (Reuters) - Car rental firm Hertz Global Holdings Inc (HTZ.N) reported a better-than-expected quarterly profit, helped by lower expenses, sending its shares up 4 percent in post-market trade.

The company said in a statement it expects restructuring and related charges to diminish significantly starting in the fourth quarter of 2009 and throughout 2010.

Hertz, which competes with Avis Budget Group Inc CAR.N and Dollar Thrifty Automotive Group Inc (DTG.N), said it has achieved its U.S. fleet refinancing targets on favorable terms a year ahead of schedule.

For the third quarter, net income attributable to common stockholders was $64.5 million, or 15 cents a share, compared with $17.7 million, or 5 cents a share, a year ago. On an adjusted basis, it earned 31 cents a share.

Revenue at the company, whose two segments are car rental and equipment rental, fell 16 percent to $2.04 billion.

Worldwide car rental revenue for the quarter fell 12 percent to $1.8 billion. Revenue from worldwide equipment rental was down 35 percent at $280.5 million.

Analysts on average were expecting earnings of 24 cents a share, on revenue of $2.01 billion, according to Thomson Reuters I/B/E/S.

Selling, general and administrative expenses fell 23 percent to $179.7 million.

On Monday, Hertz raised its full-year outlook. [ID:nWNAB4530]

Car rental companies, which have been hurt by the slowing economy as customers cut their discretionary spending on travel, may be starting to see some improvement in business.

Hertz's rival, Dollar Thrifty, recently reported a 59 percent jump in third-quarterly profit and said it may have seen the worst of the rental revenue declines for this business cycle. [ID:nBNG444204]

Shares of the company were up 3 percent to $9.78 in trading after the bell. They closed at $9.54 Thursday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal)