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Hertz misses 4Q profit forecasts

ESTERO, Fla. (AP) _ Hertz Global Holdings Inc. (HTZ) on Tuesday reported fourth-quarter net income of $616 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Estero, Florida-based company said it had profit of $7.42. Losses, adjusted for pretax gains, came to 77 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 55 cents per share.

The car rental company posted revenue of $2.09 billion in the period.

For the year, the company reported net income of $327 million, or $3.94 per share, swinging to a profit in the period. Revenue was nearly unchanged at $8.8 billion.

Hertz shares have fallen 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $19.25, a decline of nearly 4 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HTZ at https://www.zacks.com/ap/HTZ