Hertz rebounds after Q2 rev, core profit above expectations
HTZ•Recent share slump and analyst sentiment
On June 24, HTZ shares plunged 41% after co said unexpected softness in used-car market caused it to realize losses on vehicle sales in May, vs gains in Apr, and forecast adj EBITDA of $50-$80 mln.
Of 9 analysts covering HTZ, 6 rate the stock "hold", 3 rate "sell"; median PT of $2.33 down from $4.25 a month ago and $5 on Jun 6, per LSEG data.
Revenue growth and adjusted EBITDA top estimates
Estero, Florida-based HTZ early Thurs posted Q2 rev growth of 10% yr/yr to $2.4 bln, beating consensus view of $2.28 bln, per LSEG data.
Its adj EBITDA of $81 mln in qtr came in above top end of revised guidance, and approx $60 mln modeled by analysts, as co cited strong pricing and improved operational efficiency.
Shares rise after quarterly results beat expectations
Rental car co Hertz Global's HTZ.O shares rise 10.3% to $1.72 on Thurs after qtrly rev and core profit surpass expectations.
HTZ shares on Weds hit record intraday low of $1.45 and had shed 70% YTD at market close.
