Hertz Projections Lower Than Expected

Rental car provider Hertz Global Holdings Inc. issued an adjusted 2008 profit prediction under Wall Street's expectations, and warned that restructuring efforts during the year would result in job cuts, according to the Associated Press.

The company said it expects adjusted net income of $450 million to $470 million, or $1.38 per share to $1.44 per share. Adjusted net income excludes certain one-time gains and losses.

Hertz forecasts 2008 sales of $8.9 billion to $9 billion. Analysts, who typically exclude one-time items, expect a profit of $1.45 per share on revenue of $9 billion, according to a poll by Thomson Financial.

The AP reports Hertz expects to save $250 million in 2008, $75 million of which is included in its earnings projection. Savings will be derived from efficiency improvements and restructuring programs that will lead to job cuts, Hertz said.

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