Hertz Shares Plunge After Company Widens Loss, Misses Expectations

Hertz Global Holdings, Inc. shares tanked more than 14% late Monday after the car rental company missed first-quarter expectations. Hertz reported a first-quarter net loss from continuing operations of $223 million, or $2.69 a share, including $30 million of impairment charges, compared with a net loss from continuing operations of $52 million, or 61 cents a share, in the first quarter of 2016. Adjusted for one-time items, the company reported a net loss of $134 million, or $1.61 a share, compared with an adjusted net loss of $67 million, or 79 cents a share, for the same period last year. Total revenue for the first quarter reached $1.92 billion, a 3% decline compared with $1.98 billion a year ago. Analysts polled by FactSet had expected the car rental company to report a loss of 90 cents a share on sales of $1.95 billion. Shares had ended the regular trading day down 0.5%.