Hertz Global (HTZ) Misses Q3 EPS by $1.17, FY16 EPS Guidance Falls Short
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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.
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)
Non-vehicle capital expenditures, net
Non-vehicle cash interest expense
Cash income taxes
Free cash flow(2)
U.S. RAC net depreciation per unit per month(2)
U.S. RAC fleet capacity growth
U.S. RAC revenue growth
Adjusted earnings per share**(2)
**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.
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