Hertz Global Holdings (NASDAQ:HTZ) stock gained sharply in Tuesday’s premarket trading on stronger than expected quarterly profits and the projection of sustained travel demand.
The car rental company reported $0.50 in adjusted earnings per share for Q4, $0.03 above analyst expectations. Meanwhile, a 4.6% rise in revenue from the prior year to $2.04B met expectations.
“Our strong results in the fourth quarter and record performance last year reflect a commitment to customers – from leisure and corporate travelers to ride share drivers. With a focus on asset return and risk management, we showed better operating performance, more disciplined fleet management and a commitment to financial returns,” CEO Stephen Scherr said. “Our team delivered on renewed demand for travel, which is continuing.”
Shares of the Florida-based auto rental company rose 3.22% in premarket trading.
Dig into the details of the results.