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Is Hertz's Profit Warning That Much Of A Surprise?

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Hertz Global Holdings, Inc NYSE:HTZ, Avis Budget Group, Inc. NASDAQ:CAR - Is Hertz's Profit Warning That Much Of A Surprise?

Hertz Global Holdings Inc HTZ 10.46% shares are trading lower by $1 (10.5 percent) at $8.70 in Monday's session. The catalyst for the sharp decline was the company announcing Q1 rental revenue and Q1 adjusted EPS will be lower than expected due to excess industry capacity. It affirmed FY 2016 adjusted EPS at $0.95-$1.10 vs. $1.05 estimates.

In sympathy, Avis Budget Group Inc. CAR 7.25% shares were trading lower by $1.70 at $23 in Monday's session.

Competition

To followers of the recent trend in short-term transportation alternatives, this comes as no surprise. Simply stated, Hertz represents the past when...


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