Michael Hirtzer / Bloomberg:JBS says it has made significant progress to resolve the cyberattack impacting operations and the vast majority of its meat plants will be operational Wed.JBS SA has made significant progress to resolve the cyberattack that impacted operations this week
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Hertz profit leaps and shares dip on equipment leasings
DETROIT (Reuters) – Hertz Global Holdings Inc HTZ.N published a 51 percent jump in quarterly earnings on Monday, sustained by raised car leasing revenue, however shares fell nearly 2 percent on a mindful overview for equipment services.
Hertz also claimed it anticipates full-year 2007 earnings and adjusted earnings-per-share to be at the top end or above its previous expectation.
“The third quarter results were good, in our view, yet we believe macro problems, especially at (its equipment rental unit), will remain to weigh on the stock near term,” J.P. Morgan analyst Himanshu Patel stated in a note.
Earnings rose to $162.7 million, or 50 cents per share, from $107.5 million, or 46 cents per share, a year previously.
On a modified basis, the company said it earned 65 cents per share, defeating experts’ typical projection of 57 cents.
Earnings rose 9.3 percent to $2.45 billion, while experts expected $2.38 billion. Car leasing income increased 11 percent to $1.98 billion, driven by enhanced rates and rental days in the United States.
Revenue rose 2.6 percent to $464.9 million in tools services, Hertz stated. Slower development in the U.S. nonresidential building market pushed solid results in various other industries such as industrial devices, it claimed.
A soft quantity as well as prices trend suggests that the equipment leasings outlook stays careful, Patel claimed.
Hertz has actually anticipated 2007 profits of $8.5 billion to $8.6 billion as well as readjusted net income per share of $1.15 to $1.22. Experts expect income of $8.57 billion and also readjusted take-home pay per share of $1.21.
Hertz additionally stated it had actually selected Elyse Douglas primary financial officer. Douglas had been acting CFO considering that the retirement of Paul Siracusa in August.
Hertz shares were down 36 cents, or 1.54 percent, at $23.00 Monday on the New York Stock Exchange.