Hertz Global Holdings Takes A Cut

We learned today that the straining economy dealt a losing hand to one of the leading names in the rental car industry. Hertz’s Global Holdings purported a decrease of 89 percent in its third quarter earnings and is ready to let go of some 4.7 percent of its working force. Not only is that bad news for some of Hertz’s employees, but bad news for some Hertz locations, as they plan on shutting down some stores.

Reports on Thursday morning showed a drop from $6.66 on Wednesday when it closed, to $5.77, or 13.4 percent. The total loss this year for Hertz is a shocking 58 percent, bringing their earnings down from $.50 a share, to $.05 a share from a year ago and Hertz said its revenue fell 1.1 percent.

Hertz also said that it would be cutting back on the size of its fleet, declaring the cause to be that rental sales on vehicle and equipment are down further that expected.