Hertz Global (HTZ) Misses Q3 EPS by $1.17, FY16 EPS Guidance Falls Short
Get Alerts HTZ Hot Sheet
Revenue Growth %: +2.0%
Financial Fact:
Basic (in dollars per share): 0.11
Today's EPS Names:
SFST, VLTO, CLIR, More
Join SI Premium – FREE
Hertz Global (NYSE: HTZ) reported Q3 EPS of $1.58, $1.17 worse than the analyst estimate of $2.75. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.6 billion.
"A customary vehicle depreciation rate review near the close of the third quarter resulted in a substantial depreciation adjustment, particularly on compact and mid-sized vehicles, that together with rental volume at the low end of our expectations as well as higher net operating and administrative expenses impacted our performance," CEO John Tague said.
GUIDANCE:
Hertz Global sees FY2016 EPS of $0.51-$0.88, versus the consensus of $2.94.
The Company expects that fourth quarter 2016 results will be affected by factors similar to those seen in the third quarter, including higher vehicle depreciation due to lower residual values. In light of these factors, the Company has updated the following full-year 2016 guidance:
Full Year 2016 Forecast | |||
Adjusted Corporate EBITDA(2) | $575 | to | $625 |
Non-vehicle capital expenditures, net | $75 | to | $85 |
Non-vehicle cash interest expense | $280 | to | $285 |
Cash income taxes | $60 | to | $65 |
Free cash flow(2) | $250 | to | $300 |
U.S. RAC net depreciation per unit per month(2) | $295 | to | $300 |
U.S. RAC fleet capacity growth | (1.0)% | to | (1.5)% |
U.S. RAC revenue growth | (2.0)% | to | (3.0)% |
Adjusted earnings per share**(2) | $0.51 | to | $0.88 |
**Based on a weighted average of 85 million shares outstanding and a 37% effective tax rate |
For earnings history and earnings-related data on Hertz Global (HTZ) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lockheed Martin (LMT) Tops Q1 EPS by 53c, Beats on Revenue; Offers FY24 Guidance
- GE Aerospace (GE) beats on top and bottom lines in Q1, hikes profit outlook
- NextEra Energy (NEE) Tops Q1 EPS by 16c, provides guidance
Create E-mail Alert Related Categories
Earnings, Guidance, Hot Earnings, Hot GuidanceRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!