BUZZ-PREVIEW: Hertz shares rise; rental car firm seen reporting another loss

Reuters

Nov 12, 2024

BUZZ-PREVIEW: Hertz shares rise; rental car firm seen reporting another loss

** Shares in Hertz Global Holdings HTZ.O up 4.7% at $3.30, and rising for seventh straight session on Monday, ahead of Q3 report due before market open on Tuesday

** Wall St sees the car rental co reporting adj loss/shr of $0.50 vs earnings/shr of $0.70 in year-ago quarter on rev of $2.7 bln, flat vs $2.7 bln last year, according to latest data from LSEG

** In last 8 quarters, HTZ rev met or beat consensus view 6 times while adj loss met or beat half the time. Co has posted a loss in the 3 prior quarterly reports

** Hertz has been slimming down amid weak demand, clearing up EVs after higher-than-anticipated charges for repairs, fleet maintenance

** On Oct 21, HTZ shares closed off 8.6% after JP Morgan downgraded to ''underweight', cut estimates on softer travel trends, possible faster churn of vehicle fleet, which could lead to higher depreciation, lower EBITDA

** Despite recent winning streak, stock is down ~68% YTD vs ~22% gain for S&P 600 transportation industry index .SPSMCTRN

(Reporting By Sinéad Carew)

((sinead.carew@thomsonreuters.com; +13322191897;))

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