Hertz Vaults on Q3 Numbers

Hertz Global Holdings Inc (NYSE: HTZ) soared Friday, having reported better-than-expected results for its third quarter on Thursday.

The car rental firm, based in Estero, Florida, revealed that total revenues were $2.8 billion, a 7% increase versus the third quarter 2017. Income before income taxes for the third quarter 2018 was $181 million versus $143 million in the same period last year.

Third-quarter 2018 net income attributable to Hertz Global was $141 million, or $1.68 per diluted share, compared to $93 million, or $1.12 per diluted share, during the third quarter 2017.

The Company reported Adjusted Net Income for the third quarter 2018 of $180 million, or $2.14 Adjusted Diluted EPS, compared to $118 million, or $1.42 Adjusted Diluted EPS, for the same period last year. Adjusted Corporate EBITDA for the third quarter 2018 was $351 million, compared to $321 million in the same period last year.

Said CEO Kathryn V. Marinello, "We are balancing our priorities of targeting a higher-quality revenue mix, while making investments in our operations, brands and technologies to optimally position the Company for long-term, sustainable growth."

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 10,200 corporate and franchisee locations throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand.

Shares in Hertz popped $3.01, or 18.5%, to $19.30