Hertz Q1 Earnings Beat Drives Shares Higher

Hertz Global Holdings Inc HTZ shares are up after reporting a first-quarter earnings beat.

Adjusted earnings came in at $(0.99), beating estimates by 33 cents per share. Sales came in at $2.107 billion, missing estimates by $23 million.

"We continue to drive profitable revenue growth with focus and discipline. In the first quarter, our solid results reflect increased revenue per unit and improved operating margin through strong pricing, volume and fleet management," said President and CEO Kathryn Marinello.

"These catalysts, coupled with expanding capabilities in service excellence, marketing segmentation and innovation, and supported by our commitment to operating efficiency, position the company for predictable, sustainable growth, while allowing us to capitalize on strategic opportunities going forward."

Highlights

• Revenues up 2 percent year-over-year
• U.S. RAC total revenues up 7 percent year-over-year
• Transaction days up 4 percent year-over-year
• Net loss attributable to Hertz Global improved 27 percent year-over-year

Hertz Global's stock is up 2.6 percent in after-hours trading at $20.24 per share. The stock closed Monday's session at $19.72.

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