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Hertz rallies as car renter’s 4Q results beat Wall Street estimates

The car rental company posted an adjusted diluted net loss for the fourth quarter of $0.55 per share on revenue of $2.3 billion, which was 10% higher from a year earlier
A Hertz rental car
Hertz finished 2018 strongly, according to CEO Kathryn V. Marinello

Hertz Global Holdings Inc (NYSE:HTZ) rallied Tuesday after reporting fourth-quarter results that beat Wall Street expectations.

The car rental company reported after the close of markets on Monday an adjusted diluted net loss for the fourth quarter of $0.55 per share on revenue of $2.3 billion, which was 10% higher from a year earlier. The average forecast of analysts was for a loss of $0.90 per share on revenue of $2.15 billion.

Shares of Hertz climbed 2.1% to $19.69 in New York trading.

READ: Hertz surpasses 3Q earnings and revenue as shares race higher

"We finished 2018 strong, delivering improvements in rental price, volume, utilization and fleet costs for the full year as a result of targeted strategies, disciplined execution and well-placed investments," CEO Kathryn V. Marinello said in a statement. "We have tremendous momentum as we move into 2019.”

For the full year, total revenue was $9.5 billion, an 8% increase versus 2017. Adjusted corporate earnings before interest, tax, depreciation and amortization for 2018 was $433 million, versus $267 million for 2017.

Contact Dennis Fitzgerald at [email protected]

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November 08 2016

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