Hertz Global Post Q4 Profit On One-time Benefit Related To U.S. Tax Reform

(RTTNews) - Hertz Global Holdings Inc.(HTZ) reported that its fourth quarter 2017 net income was $616 million, or $7.42 per share, compared to a net loss of $440 million or $5.30 per share in the the fourth quarter 2016. The latest-quarter result included a one-time benefit of $679 million related to U.S. tax reform.

HTZ closed Tuesday's regular trading at $19.26, down $0.76 or 3.80%. In the after-hours, the stock further dropped $1.26 or 6.54%.

The company reported adjusted net loss for the fourth quarter 2017 of $64 million, or $0.77 adjusted loss per share, compared with adjusted net loss of $59 million, or $0.71 adjusted loss per share, for the same period last year.

For the fourth quarter 2017, total revenues were $2.1 billion, a 4% increase versus the fourth quarter 2016.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.60 per share and revenues of $2.06 billion. Analysts' estimates typically exclude special items.