Hertz Global reports mixed second-quarter results, but shares rise double digits on improvement

Hertz Global Holdings Inc (NYSE:HTZ) announced its second-quarter results, missing earnings estimates but beating on revenue.

The vehicle rental company reported a net loss of US$0.75 per share on revenue of US$2.4bn compared with a net loss of US$1.90 on revenue of US$2.22bn in the previous year’s second quarter.

The Florida-based company fell below Wall Street expectations of a net loss of US$0.25 EPS but surpassed revenue estimates of US$2.31bn.

Shares were up just under 1% in Monday after-hours trading, but jumped more than 22% to US$19.28 in Tuesday Morning trading.

Its adjusted corporate EBITDA came to US$93mlb compared with US$35mln in the previous second quarter.

“In the second quarter, we generated growth across every business segment with higher year-over-year revenue and adjusted corporate EBITDA. In the U.S., our turnaround initiatives are bearing fruit as a result of effective strategies, experienced leaders, and critical investments in fleet, marketing and our retail operations,” said CEO Kathryn Marinello.

Its car rental segment Hertz Corp recently partnered with autonomous vehicle company Apriv Plc to manage its fleet of 30 driverless cars.

–Updated story title and share price to reflect change

Story by ProactiveInvestors