Hertz Q3 Earnings Rise, Yet Misses Estimates; Revenue Meets View

(RTTNews) - Hertz Global Holdings, Inc. (HTZ), a vehicle rental company, on Thursday reported higher earnings and revenue for the third quarter, on continued strength in demand in leisure and rideshare channels. However, adjusted earnings missed analysts' estimates and revenue is in line with view.

Quarterly net income increased 9 percent to $629 million from $577 million for the same period last year. Earnings per share decreased to $0.92 from $1.33 last year.

Excluding items, earnings were $230 million or $0.70 per share compared to $410 million or $1.08 per share of the previous year. On average, six analysts polled by Thomson Reuters expected earnings of $0.76 per share for the year. Analysts' estimates typically exclude special items.

Total revenues rose 8 percent to $2.703 billion from $2.496 billion in the prior year. The Street estimate for revenue was $2.7 billion.

In pre-market activity, Hertz shares are trading at $9.84 down 2.77% on Nasdaq.