Hertz CEO Touting Turnaround Plan After Third Straight Loss
- Marinello says rental company has transformed its fleet
- Second quarter adjusted loss of 63 cents misses projections
Avis Earnings Miss Raises Concerns for Hertz
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Hertz Global Holdings Inc. is making advances slimming its bloated fleet of fast-depreciating cars, tempering concerns about the rental-car company’s financial footing as tech giants challenge its business model.
Hertz said its second quarter adjusted loss was 63 cents per share, worse than the lowest analyst projection for a loss of 59 cents a share in a Bloomberg survey. The company’s shares rebounded in after-hours trading from their slump earlier Tuesday, as investors had feared the worst following Avis Budget Group Inc.’s cut to its profit forecast.