Hertz Global Holdings Inc. stock jumped 7.5 percent to $17.12 in Monday’s regular-session trading, but the shares are down 31 percent in 2015. Net income for the reporting quarter came in at $23 million, which translated to $0.05 per share. Analysts surveyed by Bloomberg had predicted adjusted earnings of 20 cents per share for the quarter on revenue of $2.71 billion. Hertz Global Holdings Inc. shares have dropped -22.61% over the last 200 days, while the S&P500 Index has increased 6.83% in the same time period. Both the metrics fell short of the analysts’ estimates amassed by Bloomberg. Post the review, the NAPLES, FL based firm reported a 68 percent dip in net income compared to 2Q14.
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Hertz Global Holdings (NYSE:HTZ) released its quarterly earnings data on Monday.
In July, the auto rental company completed restating its financials.
Hertz, like its competitors, is facing new challenges within the industry as the rise of car-sharing operations, such as Uber, continues to pressure the rental industry.
The company has lost about 33% so far this year and has been vying recently to make things turnaround at its core fundamentals.
Barron’s cited the combined value of the company’s parts, earnings growth expectations and Chief Executive Officer John Tague’s efforts to pare costs and divest non-core assets. It also announced earlier this year that it is planning to raise its rental rates. It reaffirmed that it is planning to split off its equipment rental operations.
The newly appointed CEO, Mr Tague has been shuffling management, appointing executives from the airline sector, as well as experts in revenue management and financial accounting.
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The company has been shutting down its airport sites, trimming costs and selling its aging fleet. In addition, Jana Partners Llc have 5.26% of their long stock exposure invested in the company for 41.78 million shares. Morgan Stanley decreased their price objective on Hertz Global Holdings from $16.00 to $15.00 and set a “weight” rating for the company in a report on Thursday, July 23rd.
