Hertz Global misses by $0.05, misses on revs; reaffirms FY15 EBITDA :
- Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.54; revenues fell 4.6% year/year to $2.98 bln vs the $3.07 bln Capital IQ Consensus.
- Adjusted Corporate EBITDA for the third quarter of 2015 was $601 million versus $553 million in the third quarter of 2014.
- As a result of a 2% improvement in fleet efficiency, worldwide Revenue per Available Car Day (:RACD) increased 1% despite a 1% decrease in Total Revenue per Transaction Day (RPD).
- For the full year 2015, the co has maintained its expected adjusted corporate EBITDA guidance for Consolidated Hertz Global Holdings ($1.45-1.55 bln) and the Worldwide Equipment Rental segment. The company has lowered U.S. RAC net depreciation per unit per month, U.S. RAC fleet capacity growth and Net non-fleet capex guidance for the full year.
- Hertz Global will issue preliminary 2016 guidance at the co's Investor Day on Nov. 17, 2015.
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