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SMALL BUSINESS
Hertz raises 2009 earnings guidance
AP
PARK RIDGE, N.J. -Hertz Global Holdings Inc. on Monday raised its earnings guidance for the year by more than 40 percent, citing stronger-than-expected results from its global car rental business in the third quarter and current fourth-quarter projections.
Shares jumped 70 cents, or 7.3 percent, to $10.32 in aftermarket trading, having closed earlier down 4 percent at $9.62.
Hertz's new estimates for 2009 see profit ranging from 21 cents to 23 cents per share on revenue of $7 billion to $7.1 billion. That's well above the company's previous forecast for profit of 12 cents to 15 cents per share on revenue of $6.7 billion to $7 billion, and also tops analysts' average earnings estimate of 16 cents per share, according to Thomson Reuters.
Adjusted pretax income from worldwide car rentals surged 54.6 percent in the third quarter from the year-ago period on better profit margins, Hertz said. The results were driven, in part, by U.S. transaction days falling only 4 percent year-over-year.
The company will report third-quarter earnings results on Thursday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 19:52:04
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