Hertz Misses Quarterly Estimates While Restating First Half
- Vehicle-depreciation errors had understated net income
- Strong dollar cuts quarterly results; Ebitda forecast restated
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Hertz Global Holdings Inc., the largest publicly traded U.S. rental-car company, reported third-quarter earnings that trailed analysts’ estimates as the strong dollar slowed improvement. Hertz shares fell the most in two years.
Profit excluding some items was 49 cents a share, the company said in a statement Monday. The average of eight estimates compiled by Bloomberg was 52 cents. Unfavorable foreign exchange reduced earnings by 3 cents a share, Hertz said. Revenue declined 4.6 percent from a year earlier to $2.98 billion, compared with an average projection of $3.07 billion. The company also restated its first-half results.