Hertz Q3 Results Miss Estimates

Hertz Global Holdings

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(RTTNews) - Vehicle rental company Hertz Global Holdings, Inc. (HTZ) reported Tuesday net loss for the third quarter of $1.33 billion or $4.34 per share, compared to net income of $629 million or $0.92 per share in the prior-year quarter.

Results include a non-cash asset impairment charge of $1.0 billion in the latest quarter, largely due to the decline in fleet residual values over the last year or so.

Excluding items, adjusted loss was $0.68 per share, compared to adjusted income of $0.70 per share in the year-ago quarter.

On average, eight analysts polled by Thomson Reuters expected the company to report a loss of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter decreased 5 percent to $2.58 billion from $2.71 billion in the same quarter last year. Analysts expected revenues of $2.70 billion for the quarter.

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