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Hertz Throws Earnings Into Reverse, Restates Financials


Hertz was set to report earnings on Monday, but instead the rental car giant is delaying the results due to accounting problems. Independent auditor PricewaterhouseCoopers found problems in the 2011 earnings that need to be restated, and as a result 2012 and 2013 will need to be corrected. Hertz also said that when it does report its first quarter, the numbers will be below analysts' estimates. Hertz tried to put a positive spin on the second quarter, but that's a traditionally soft quarter. The stock, which has performed well so far this year, is getting pummeled after the announcement.