Hertz's stock dives after losses were wider than expected again, and a $1 billion charge was booked

Dow Jones11-12

MW Hertz's stock dives after losses were wider than expected again, and a $1 billion charge was booked

Shares of Hertz Global Holdings Inc. took a 9.2% dive in premarket trading Tuesday, after the rental car company reported a wider-than-expected third-quarter loss for the fourth straight quarter, and booked a $1 billion charge for the decline in the value of its fleet. The company swung to net losses of $1.33 billion, or $4.34 a share, from net income of $629 million, or 92 cents a share, in the same period a year ago. Excluding nonrecurring items, such as the impairment charge on long-lived assets, the adjusted per-share loss of 68 cents compared with the FactSet loss consensus of 48 cents. Vehicle depreciation jumped to $937 million from $501 million. Revenue fell 4.7% to $2.58 billion, below the FactSet consensus of $2.65 billion, while revenue per day was relatively flat. The stock has plunged 67.6% year to date through Monday, while the S&P 500 has rallied 25.8%.

-Tomi Kilgore

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November 12, 2024 08:16 ET (13:16 GMT)

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