Tags: Hertz | profit | Accounting | Challenges

Hertz Warns of Profit Shortfall, Cites Accounting Review, Challenges

Tuesday, 19 Aug 2014 07:09 PM

Hertz Global Holdings Inc. said it is withdrawing its full-year forecast and expects earnings to be well below its previous guidance due to challenges in the rental car and equipment businesses and costs related to its review of the past three years' financial results. The news, reported after regular stock-market trading ended Tuesday, jolted the company's stock in post-market trading.

The company said in a regulatory filing that earnings would be affected by operational challenges, including recalls by car makers, higher-than-expected operating expenses and weak demand in the equipment rental businesses.

Hertz said in June that it would restate or correct financial results for the past three years to fix accounting errors originating in 2011.

In aftermarket trading at about 7 p.m. in New York, Hertz shares were down 11.6 percent at $27.90, after gaining 1.3 percent to close the regular session at $31.56.
 

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
Companies
Hertz Global Holdings Inc. said it is withdrawing its full-year forecast and expects earnings to be well below its previous guidance due to challenges in the rental car and equipment businesses and costs related to its review of the past three years' financial results.
Hertz, profit, Accounting, Challenges
144
2014-09-19
Tuesday, 19 Aug 2014 07:09 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved