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HTZ: Major Accounting Issues Hurt Hertz Stock

Financial review finds larger issues than expected


Accounting errors are causing Hertz (HTZ) to review its financial records for the past three years, which has caused Hertz stock to drop significantly.

Hertz stockHTZ stock is down 10% in early trading.

Hertz Global Holdings says it is going to review financial statements to see if there are errors that will impact the full financial picture of the company.

The car rental giant initially pushed back its Q1 financial results from May to June 9 — now, the company is pushing them back again.

The results will be released when it amends its full-year outlook.

Hertz has already said that its Q1 results will be hurt by the costs associated with the financial review.

The company had caught the initial errors in March, it said, though now says there are more extensive issues than previously thought.

The news follows the naming of a new chief financial officer at the end of last year.

“It will take time to complete this process, and previously reported information is likely to change, although the actual size of any adjustments has yet to be determined and some adjustments may offset others,” the company said in its filing with the U.S. Securities and Exchange Commission.

Hertz stock is up 6.5% year to date.

Article printed from InvestorPlace Media,

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