Hertz Global Holdings, Inc. (HTZ) Lowers Guidance on the Back of Vehicle Recalls

Hertz Global Holdings, Inc. (NYSE:HTZ) said in a SEC filing on Tuesday that it expects its full year earnings to come well below the lower end of the guidance it gave for 2014. The company is already reviewing its financial reporting for 2011-2013 and this recent news is not expected to offer any consolation to Hertz Global Holdings, Inc. (NYSE:HTZ)’s investors. Phil LeBeau reported on this latest development from Hertz Global Holdings, Inc. (NYSE:HTZ) on CNBC, recently.

“They have got internal issues that are certainly part of this as well, but there is no doubt that the recalls, which are at a record level for the auto industry is hurting Hertz Global Holdings, Inc. (NYSE:HTZ) and other rental companies. In fact, I have seen this myself when I have gone on trips, increasingly, when I am at Hertz Global Holdings, Inc. (NYSE:HTZ)’s counter, they are like, hold on a second we have to work a little harder to get a vehicle for you,” LeBeau said.

Hertz Global Holdings, Inc. (NYSE:HTZ)

LeBeau enumerated all the three earnings blue that Hertz Global Holdings, Inc. (NYSE:HTZ) is facing right now. The first and major one being the lowering of guidance, which the company mentioned in its filing yesterday is going to be well below its previous estimates of $1.70-$2.00 EPS. The second one being the review of 2011-2013 Financials that the company is conducting,  Hertz Global Holdings, Inc. (NYSE:HTZ) has said that they have found above $46.3 million in accounting errors for that period. Last, but not the least Hertz Global Holdings, Inc. (NYSE:HTZ)’s lead independent director is leaving the company’s Board.

“[...] Hertz Global Holdings, Inc. (NYSE:HTZ) is blaming the massive auto recalls with them having to lower their earnings. Keep it in mind that they are pulling thousands of vehicles out of their fleet, they can’t put them back until there are parts to fix those vehicles. Many are General Motors vehicles, that are under recall and as a result, they have got a tight supply there and it’s not enough to meet the demand that’s out there and they are also facing some operational challenges [...],” LeBeau added.

Disclosure: None

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

The 10 Highest Rated Movies of 2014

The 10 Largest Container Shipping Companies in the World

The 10 Largest Armies in the World: Who Should We Be Afraid Of?

Best Warren Buffett Quotes on Money You Need to Hear

The 10 Highest Suicide Rates by Profession

The 20 Most Underrated Movies of All Time

The 10 Fastest Growing Companies in America

The 10 Biggest Outlet Malls in USA

The 5 Most Popular Rap Songs of All Time

The 10 Countries that Eat the Most Meat

The10 Most Expensive Countries to Fly To

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!