UPDATE: Hertz Global Posts Downbeat Q4 Earnings, Plans To Spin Off Equipment Rental Business

Hertz Global Holdings HTZ reported downbeat fourth-quarter earnings and announced its plans to spin off its equipment rental business into a separate company. Hertz posted a quarterly loss of $600,000, or $0.00 per share, versus a year-ago loss of $36.8 million, or $0.09 per share. Excluding special items, it earned $0.26 per share. Its revenue surged 10% to $2.56 billion versus $2.32 billion. However, analysts were projecting earnings of $0.32 per share on revenue of $2.61 billion. Hertz expects 2014 earnings of $1.70 to $2 per share, on revenue of $11.4 billion to $11.7 billion. However, analysts expected earnings of $2.07 per share on revenue of $11.6 billion. Hertz shares gained 1.95% to $27.75 in pre-market trading.