Hertz misses 2Q profit forecasts

Hertz Global Holdings (NYSE:HTZ) announced its quarterly earnings results on Monday.

Analysts had forecast the company to earn 19 cents per share on revenue of $2.71 billion.

Following an era of frail financial oversight, Hertz’s second quarter net income declined 68% to $23 million from $72 million. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company.

Auto rental business operator Hertz Global Holdings Inc (NYSE:HTZ) released its 2Q15 updated results after executing a review of accounts from previous quarters.

The auto rental company posted revenue of $2.69 billion in the period. The Company operates in four business segments: United States auto Rental, global vehicle Rental, Worldwide Equipment Rental and All Other Operations. HTZ reported last year in September that Frissora, now the chief executive officer at Caesars Entertainment, left the company for personal reasons. It also backed its projections for consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to clock in the range of $1.45 billion to $1.55 billion for full fiscal year.

CEO John Tague has shuffled leadership, appointing executives from the airlineindustry. The CEO is trying to revitalize the company’s brand value in what he calls as Hertz’s transition year as the new management streamlines operations and cleans up its financial reports. Some of the operational tightening executed by the new management team included the forced dumping of its “aging fleet”, cutting down non-performing rental offices across various airports of U.S and going in for deep cost cutting measures. The company has minimized expenses by $80 million through June.

The company, whose shares have dropped about 37% over the past 12 months, has been trying to turn things around of late. They are down 2.92% to $16.62 as of 09:02 AM EDT.