Hertz Shares Race Higher After Record Q2

Hertz Global Holdings Inc HTZ shares are moving higher after reporting a second-quarter sales beat.

Adjusted earnings came in at 74 cents per share, which may not compare to the 37 cent estimate. GAAP EPS came in at 40 cents.

Sales came in at $2.51 billion, beating estimates by $30 million.

"We delivered record revenues and significant earnings improvement in the second quarter. Our results were achieved through quality top-line growth, productivity improvements and effective fleet management. At the same time, we continued to invest in our business, focusing on new revenue opportunities and a company-wide technology transformation," said CEO Kathryn Marinello. "Through disciplined execution, investments in new revenue opportunities and by aligning ourselves with our customers, we are strategically positioned for future growth."

Highlights

• Global revenue grew 5% year-over-year
• U.S. RAC Transaction days up 6%
• U.S. RAC total revenues were up 10%

Hertz shares traded higher by 6.8% at $15.96 in Tuesday's after-hours session.