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Thu, Jul. 16, 5:16 PM
- Hertz (NYSE:HTZ) has finished its accounting revenue and filed its 2014 annual report, which includes "restated results for 2012 and 2013 as well as selected unaudited restated financial information for 2011." The car rental giant has also filed its Q1 10-Q, making it up-to-date on SEC filings and NYSE listing requirements. (SEC filings)
- Hertz has also affirmed its commitment to its $1B buyback program and spinoff of its HERC equipment rental unit, forecast it now expects $300M in annualized savings from its cost reduction program by year's end (up from a prior $200M), and established full-year guidance for EBITDA of $1.45B-$1.55B and non-fleet capex of $275M-$295M.
- Hertz has soared to $20.12 AH. Rival Avis (NASDAQ:CAR) has risen to $45.00.
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Aug. 19, 2014, 5:59 PM
- Hertz (NYSE:HTZ) now expects 2014 results to be "well below the low end" of prior guidance due to "operational challenges in the rental car and equipment segments," and its ongoing accounting review.
- The "challenges" include heavy vehicle recall activity, "significantly higher-than-expected" U.S. opex, "issues and delays" in the installation of ERP and counter systems, and "continued soft demand" in the equipment rental market.
- Hertz's audit committee has "directed the Company to conduct a review of the financial records for fiscal years 2011, 2012 and 2013 and their impact, if any, on 2014." Hertz notes additional errors might be found.
- U.S. rental car revenue rose 4% Y/Y in Q2; rental car revenue/day rose "slightly." International rental car revenue rose 7%, and equipment rental revenue 1%.
- Lead independent director George W. Tamke is resigning, and will be replaced by director Linda Fayne Levinson. Rent A Car Americas chief Scott Sider is retiring. Sider's responsibilities will be assumed by other execs.
- Avis (NASDAQ:CAR) is following Hertz lower.
Aug. 4, 2014, 5:18 PM
- With a Q2 beat on the books, Avis (NASDAQ:CAR) now expects 2014 revenue of $8.6B-$8.7B, above an $8.49B consensus. Full-year EPS guidance of $2.75-$3.05 is in-line with a $2.88 consensus.
- Rental days rose 8% Y/Y in Q2. Excluding the Payless acquisition, North American volume rose 5% Y/Y, and pricing 4%. International rental days grew 2%, and total revenue per rental day 6%.
- North American revenue +12% Y/Y to $1.43B (slightly lifted by Payless). International revenue +7% to $667M. Truck rental revenue -2% to $100M.
- $75M was spent on buybacks Avis plans to spend $225M-$300M on buybacks in 2014.
- Q2 results, PR
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Feb. 19, 2014, 4:20 PM
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