Hertz Global Holdings Inc.'s stock soared 15% in after-hours trade Thursday, after the car rental company announced a restructuring plan, including additional cost cuts, and said it was now up to date on all of its regulatory filings after restating results. Hertz said it remains committed to its previously-announced $1 billion stock buyback program and the plan to separate its equipment rental business. Hertz said it now expects to cut costs by $300 million by the end of 2015, up from a previous target of $200 million. Chief Executive John Tague said the company was taking actions to "dramatically improve customer satisfaction and reset our capacity." U.S. fleet growth in 2015 is now expected to be 0.5% to 1.5%, down from a previous projection of 1.5% to 2.5%. The stock had tumbled 19% over the past three months through Thursday's close, while the S&P 500 has gained 0.9%.
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