Herc : Hertz Price Dips with Q3 Expectations Surpassed
11/10/2017 | 09:59pm CET
Hertz Global Holdings, Inc (NYSE: HTZ) shares finished negative Friday as the company posted better-than-expected earnings for its third quarter on Thursday.
The company, based in Estero, Florida, reported Q3 2017 net income from continuing operations of $93 million, or $1.12 per diluted share, compared with net income from continuing operations of $44 million, or $0.52 per diluted share, during the third quarter 2016.
On an adjusted basis, the Company reported net income for the third quarter 2017 of $118 million, or $1.42 per diluted share, compared with net income of $134 million, or $1.58 per diluted share, for the same period last year.
Total revenues for the third quarter 2017 were $2.6 billion, a 1% increase versus the third quarter 2016. Income from continuing operations before income taxes for third quarter 2017 was $143 million versus income of $108 million in the same period last year.
Adjusted Corporate EBITDA for the third quarter 2017 was $321 million, compared to $329 million in the same period last year.
Hertz CEO Kathryn Marinello said, “Our operating turnaround plan, focused on growth through enhanced fleet, service, brands and technology, is showing encouraging progress, evidence that Hertz is on the right strategic path.
"While there is still a lot of work ahead of us, in the third quarter, we benefited from continued improvements in our fleet offering, expansion of our Ultimate Choice program, and a strategic focus on optimizing revenue management.
Share prices capsized just minutes before Friday’s closing bell by 26 cents, or 1.3%, to $19.75