Hertz Has First Profit in a Year After Revamped Fleet Boosts Prices
- CEO Marinello has been dumping passenger cars to boost pricing
- Turnaround efforts pay off faster than expected, analyst says
A Hertz rental location in Los Angeles, California, on Nov. 7, 2017.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Hertz Global Holdings Inc. reported its first quarterly profit in a year as better prices at the rental counter signaled the company’s turnaround efforts are gaining traction.
Adjusted profit was $1.42 per share in the third quarter, better than analysts’ average estimate. Daily U.S. rental-car rates improved by 2 percent during the period, according to a statement. The shares surged in after-market trading.