Hertz posts weaker-than-expected quarterly results, shares fall

Reuters11-12

Nov 12 (Reuters) - Hertz Global reported a wider-than-expected third-quarter loss and missed revenue estimates on Tuesday, hurt by depreciation charges from its fleet vehicles, sending shares of the rental car firm down more than 8% in premarket trading.

Hertz recorded a $1 billion asset impairment charge during the quarter, citing a decline in fleet residual values, which refers to a vehicle's disposal price at the end of its operating period, over the last year.

Earlier this year, the company initiated a sale of about 20,000 of its electric vehicles including from Tesla , citing higher repair costs related to those vehicles.

Hertz' depreciation per unit surged 89% to $537 million in the quarter ended Sept. 30 from a year earlier.

On an adjusted basis, the company lost 68 cents per share compared with analysts' average estimate of a loss of 50 cents, according to data compiled by LSEG.

Overall quarterly sales fell 5% to $2.58 billion from a year earlier, compared with analysts' estimates of about $2.7 billion.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shinjini Ganguli)

((Nathan.Gomes@thomsonreuters.com;))

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