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07.02.2023 13:45:00

: Hertz stock surges after profit falls but beats expectations, as a renewed demand for travel continues

Shares of Hertz Global Holdings Inc. HTZ ran up 4.6% in premarket trading Tuesday, after the car rental company reported fourth-quarter profit that dropped from last year, but topped expectations, aided by a post-pandemic demand recovery. The company swung to net income of $116 million from a loss of $710 million a year ago, but reported a per-share loss assuming dilution that narrowed to 1 cent from $1.52. Excluding nonrecurring items, adjusted earnings per share fell to 50 cents from 91 cents, but beat the FactSet consensus of 46 cents. Revenue grew 4.4% to $2.04 billion, above the FactSet consensus of $2.03 billion. Total expenses declined 8.5% to $1.91 billion. The company said it spent $315 million, representing 5.3% of its market capitalization of $5.90 billion as of Monday’s close, to repurchase 19 million shares during the fourth quarter. “”Our team delivered on renewed demand for travel, which is continuing,” said Chief Executive Stephen Scherr. The stock has slipped 1.4% over the past three months through Monday while the S&P 500 SPX has gained 8.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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