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Hertz Says Rental-Car Demand Stabilizing

Joseph Woelfel

Hertz(HTZ Quote) expects second-quarter adjusted earnings of 9 cents to 10 cents a share on revenue of $1.7 billion to $1.75 billion as it said rental-car demand in the U.S. and Europe has stabilized and reservations for the summer peak season are better than anticipated.

Hertz, in a press release Thursday, said also it sees no significant long-term financial impact from the General Motors (GMGMQ Quote) and Chrysler bankruptcies, and it's increasing its estimate of annualized cost savings this year by $70 million to $570 million.

Analysts surveyed by Thomson Reuters expect the rental-car company to post second-quarter earnings of 1 cent a share on revenue of $1.89 billion.

For the year, Hertz expects earnings of 12 cents to 15 cents a share on revenue of $6.7 billion to $7 billion.