Hertz Global Holdings, Inc (NYSE:HTZ) and Avis Budget Group Inc. (NASDAQ:CAR) are in the spotlight after Avis CFO Dave Wyshner said at Deutsche Bank’s Leverage Finance Conference that summer sales in Europe might be disappointing due to terrorism worries and macro negatives. The macro negatives also impacted pricing “across the industry.” Wyshner commented:
“Trends in July had been largely tracking our expectations, so we weren’t anticipating the imbalance between supply and demand that developed in Europe and negatively impacted peak pricing across the industry in August. For what it’s worth, my sense is that this softness was driven more by security concerns than by the Brexit vote, or the Olympics, or the broader economy, but all four probably played a role. I’d put the negative impact of the disappointing August on international EBITDA in the single-digit millions range compared to our expectations for the month.”
33 funds in our system were long Avis Budget Group Inc. (NASDAQ:CAR) on June 30, while 38 were shareholders of Hertz Global Holdings, Inc (NYSE:HTZ).
Cintas Corporation (NASDAQ:CTAS) shares are 3.55% in the green after the company reported EPS of $1.26 on revenue of $1.29 billion for its fiscal year 2017 first quarter, exceeding the consensus estimates by $0.18 and $10 million, respectively. Sales rose by 7.5% year-over-year. In terms of guidance for its fiscal 2017, the company raised its EPS outlook to $4.55-to-$4.63 from the previous range of $4.35-to-$4.45. Analysts were expecting $4.42. Meanwhile, Cintas sees revenue for the period coming in at $5.16 billion-to-$5.225 billion, with the consensus of $5.19 billion falling smack dab in the middle of its range. First Eagle Investment Management reported owning a stake of 5.56 million shares in Cintas Corporation (NASDAQ:CTAS) as of the end of June, down by 27% from the end of March.