Hertz Global Reports Q1 Profit

Hertz Global HTZ released its fiscal first-quarter earnings results after the closing bell on Monday. In late trading, the stock had added less than 0.50 percent to $24.05. For Q1, the company reported net income of $18 million or $0.04 per share, compared to a loss of $56.3 million or $0.13 per share, in last year's corresponding period. On an adjusted basis, net income was $93.9 million or $0.21 per share, versus $19.4 million or $0.05 per share, in last year's first-quarter. This easily topped Wall Street consensus EPS estimates of $0.17. Revenue in the quarter was $2.43 billion, a rise versus the $2.01 billion in sales Hertz reported last year. This also came in ahead of street sales expectations of $2.39 billion. For fiscal 2013, Hertz reaffirmed its previous guidance. The company expects adjusted EPS of $1.82 to $1.92 on revenue of $10.85 billion to $10.95 billion. This compares to Wall Street analysts' consensus estimates of $1.90 per share on revenue of $10.91 billion for fiscal 2013.