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Revenues grew 2% to $2.1 billion in the fourth quarter and 3% for the full year to $9.1 billion.
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A conference call for institutional investors to discuss these results and its full year outlook will be held Aug. 8 at 8:30 a.m. EST.
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A rental car operator is looking for a secure line of credit to fund purchases for his growing rental fleet. He wants to learn more about improving the quality of his credit applications to lender to optimize his chances of receiving the funding.
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The restatements reduced Hertz’s profits by a cumulative $128 million for years 2011, 2012 and 2013, or nearly 20% of previously stated profits. Richard Broome resigns.
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U.S. car rental revenue fell 3%; the company found $30 million more in accounting errors and plans off-airport store closures. Price increases are underway.
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As a result of Hertz Global Holding Inc.’s ongoing review and investigation of internal financial records for fiscal years 2011, 2012 and 2013, Hertz was unable to file the Securities and Exchange Commission’s 2014 Form 10-K by the extended due date of March 17, 2015.
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In addition to restating 2011 financial statements in June, the Audit Committee of the Hertz Board of Directors has found that the 2012 and 2013 annual and quarterly financial statements must also be restated and can no longer be used.
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Due to the ongoing financial records review for 2011, 2012 and 2013, Hertz Global Holdings has delayed the filing of its second quarter 2014 results.
Read More →Hertz Global Holdings Inc.’s Audit Committee of the Board of Directors has found that the financial statements for 2011 can no longer be used and must be restated. In addition, Hertz needs to fix the 2012 and 2013 statements to reflect these errors.
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