Hertz (HTZ) Stock Climbs 20% After Surprising Wall Street With Q2 Results

TLDR

• HTZ stock surged 20%+ in Friday premarket, after closing up 29.49% the previous session
• Q2 revenue hit $2.4 billion, beating Wall Street’s estimate of $2.28 billion
• Adjusted loss of 11 cents per share beat estimates of a 24-cent loss
• Revenue per day rose 9% year over year, the strongest Q2 on record
• CEO Gil West said the stock’s valuation is “tough to understand” given improving fundamentals

Hertz Global (HTZ) stock was up more than 20% in Friday premarket trading at $2.42, following a 29.49% gain in the prior session. The jump came after the company posted second-quarter results that cleared Wall Street’s bar on both revenue and earnings.

Hertz Global Holdings, Inc., HTZ

Q2 revenue came in at $2.4 billion, up 10% year over year and ahead of the $2.28 billion analyst consensus. The company posted an adjusted loss of 11 cents per share, better than the expected loss of 24 cents.

Adjusted corporate EBITDA reached $81 million, well above both Oppenheimer’s estimate of $40 million and the Street’s estimate of $59 million. That was up $63 million from a year earlier.

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