Hertz Global (HTZ) Stock Remains Unchanged Despite Q2 Earnings Beat

HTZ stock was down during regular trading hours

Hertz Global (NYSE:HTZ) had a solid start to the week as the company reported its latest quarterly earnings results, which were stronger than analysts were expecting in the earnings and revenue front. However, the company’s stock was unmoved late in the day Monday.

Hertz Global (HTZ)
Source: Hertz website

The car rental company, based out of Estero, Florida, said that for its second quarter of fiscal 2018, it amassed a loss of $63 million, or 75 cents per share. On an adjusted basis when considering non-recurring costs, the company brought in losses of 19 cents per share.

Hertz Global’s results were ahead of what analysts were calling for as the Wall Street consensus estimate projected a loss of 29 cents per share, according to the average guidance of nine analysts surveyed by Zacks Investment Research.

The car rental services provider also raked in revenue of $2.39 billion for its second quarter, which was stronger than analysts were calling for. The Wall Street guidance from seven analysts surveyed by Zacks was projecting revenue of $2.32 billion.

“We’re developing and testing new technology platforms with the future in mind,” said Hertz CEO Kathryn V. Marinello. “The successful launch of those systems in the second half of 2019 will further support our strategy to sustainably grow revenue, improve productivity and drive innovation over the long term.”

HTZ stock was trading flat after the bell despite the company’s strong quarterly earnings results. Shares were down about 1.5% during regular trading hours in anticipation of the company’s second-quarter report.

Article printed from InvestorPlace Media, https://investorplace.com/2018/08/hertz-global-htz/.

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