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News Breaks
August 20, 2014
12:02 EDTHTZ, CARHertz drops after withdrawing full year guidance, analyst downgrades
Shares of car rental firm Hertz (HTZ) are sinking after the company withdrew its fiscal 2014 outlook and received several analyst downgrades. WHAT'S NEW: Last night, Hertz said it expects its FY14 results to be "well below" the low end of its prior view. On May 13, the company forecast FY14 adjusted EPS of $1.70-$2.00, versus consensus of $1.86. FY14 revenue was seen at $11.4B-$11.7B, compared to consensus $11.52B. FY14 corporate EBITDA was expected to be $2.06B-$2.42B, with FY14 free cash flow of $550M-$650M. WHAT'S NOTABLE: To explain the revised outlook, Hertz cited ongoing operational challenges in the rental car and equipment segments, as well as the associated costs related to the accounting review previously disclosed. These ongoing challenges include: Record level, industry-wide OEM vehicle recall activity, which has constrained the company’s U.S. fleet available for rent; Significantly higher-than-expected adjusted direct operating expense in U.S. rental car; Issues and delays associated with the installation of its Enterprise Resource Planning and counter systems, which have adversely impacted anticipated synergy capture flowing from the Dollar Thrifty acquisition; and Continued soft demand in the equipment rental business segment. ANALYST REACTION: This morning, JP Morgan downgraded Hertz to Neutral from Overweight citing reduced confidence that the company's issues will be resolved in the near-term after it withdrew its full year forecast. The firm believes the wealth of bad news in the company's 8-K filing will prove to be a capitulation point for many bulls. The firm cut its price target on the shares to $25 from $32. Deutsche Bank also downgraded Hertz, revising its rating to Hold from Buy after the company withdrew is forecast for the year. PRICE ACTION: In early afternoon trading, Hertz dropped $3.00, or about 9.5%, to $28.56 on nearly seven times its average daily trading volume. Despite today's pull back, the stock is up approximately 14% over the past 12 months. OTHERS TO WATCH: Hertz' main competitor in the car rental space, Avis Budget Group (CAR), was up 0.3% in trading today.
News For HTZ;CAR From The Last 14 Days
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October 5, 2015
15:56 EDTHTZCharles Miller Joins Hertz Equipment Rental Corporation as VP Operations
Hertz Global Holdings announced that Charles L. Miller has joined Hertz Equipment Rental Corporation, HERC, as VP, Operations, reporting to Bruce Dressel, COO, effective October 1.
September 29, 2015
15:03 EDTCARAvis Budget CFO says 'aggressive' in repurchasing shares recently
Avis Budget CFO David Wyshner, speaking earlier at the Deutsche Bank Leveraged Finance Conference, said that the company saw strong summer rental volumes in continental Europe that slightly exceeded its projections. In the Americas, the company had positive volume growth in the summer that was consistent with first half trends and with a modestly growing economy, Wyshner added, according to a transcript. Wyshner said the car rental industry has seen "real progress" in terms of the being right fleeted in the U.S. for the first time in almost a year and the used car market has been "healthy." Pricing for the Avis and Budget brands in the U.S. was up a fraction of a point during the summer, consistent with what the company said previously about July, the CFO noted. Wyshner also said Avis Budget been "aggressive" in repurchasing shares recently, stating that its Q3 share repurchases will total more than $150M.
September 28, 2015
14:41 EDTHTZHertz management to meet with MKM Partners
Meeting to be held in Naples, FL on September 30 hosted by MKM Partners.
10:04 EDTCARZipcar to launch at 100 colleges and universities in 2015
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09:05 EDTCARAvis named exclusive rental partner of Wyndham Rewards
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September 24, 2015
14:06 EDTCARAvis Budget expands consumer car sales program to North and South Carolina
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