Hertz Global Holdings, Inc. reported third-quarter revenue growth of 5.6% to $2.6 billion, but its GAAP net income fell to $116 million as higher costs and weaker international results left adjusted EBITDA below guidance.
The company's earnings release put net income at $116 million, compared with $184 million a year earlier. Adjusted Corporate EBITDA increased by $30 million from the year-earlier quarter to $233 million. Chief Financial Officer Scott Haralson said the result missed Hertz's forecast by more than $40 million.
Haralson put international results about $30 million below Hertz's initial plan. He also said collision and maintenance expenses ran $15 million to $20 million higher than the company had anticipated.
Hertz attributed the international weakness to the Middle East conflict's effect on inbound travel and trips within Europe. The company expects revenue growth to accelerate sequentially in the fourth quarter, according to its prepared remarks.
A Form 8-K filed with the Securities and Exchange Commission on Nov. 5 identifies Hertz Corp. and Hertz Global Holdings, Inc. as filers. The filing lists Item 2.02, “Results of Operations and Financial Condition,” and Item 9.01, “Financial Statements and Exhibits.”
