Hertz Global Holdings, Inc (NYSE:HTZ) stock was down on Tuesday after the company released its earnings report for the second quarter of 2016.
Hertz reported earnings per share of 41 cents for the second quarter of 2016. This is down from the earnings per share of 80 cents that it reported during the same time last year. Wall Street was estimating that the company would report earnings per share of 31 cents.
HTZ also reported revenue of $2.3 billion for the second quarter of 2016. This is a 2% decrease from revenue reported by the company in the second quarter of 2015. However, it did line up with what analysts were expecting for the quarter.
Hertz reported a net loss of $28 million from continued operations during the second quarter of 2016. It also noted that $20 million of unexpected charges in International RAC resulted in its earnings per share being 15 cents below expectations.
The second quarter of 2016 marked the first time that Hertz released an earnings report after separating its two rental businesses. The new equipment rental business now trades as “HRI” on the New York Stock Exchange. Hertz received $2 billion in cash as part of the reverse spinoff and used the money to pay down some of its debt.
Hertz is expecting earnings per share for 2016 to be between $2.75 and $3.50. Wall Street is expecting the company to report earnings per share of $3.30 for the full year of 2016.
HTZ shares were down roughly 6% at the start of trading today, but have mostly recovered to normal levels as of Noon Tuesday.
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