Hertz Jumps as Much as 20% After Restatement, Cost-Cut Boost
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Hertz Global Holdings Inc. climbed after the rental-car company said it finished restating more than two years of financial results and expects to reach annualized cost savings of $300 million by year-end, $100 million more than its goal.
The company identified $207 million in additional pretax misstatements from 2011 through 2013, according to a statement Thursday. The misstatements reduced pretax income by as much as 23 percent and net income by as much as 26 percent.