Hertz shares crash
Hertz Global Holdings shares plunged Tuesday after the car rental company reported weaker third-quarter results than expected and slashed its profit forecast for the year.
The company said it is making progress in its long-term business but called its near-term financial performance “uneven.” It attributed the weak quarter to low rental volume, higher expenses and a depreciation adjustment for the value of some cars.
Its net income fell last quarter to $42 million from $237 million a year ago. After ignoring one-off costs and discontinued operations, it earned $1.58 per share. Analysts surveyed by Zacks Investment Research were expecting $2.81 per share.
Hertz also said it expects to earn 51 cents per share to 88 cents for the full year, on an adjusted basis. A few months ago, it was forecasting earnings of $2.75 per share to $3.50.