NEW YORK (TheStreet) -- Hertz Global Holdings (HTZ) was falling 3.25% to $27.10 on Monday after the rental car company announced that it had delayed the reporting of its fourth-quarter and full-year 2013 earnings.
Hertz said Monday that it plans to file a Form 12b-25 with the Securities and Exchange Commission to get more time to file its 10-K annual report. The company expects to file the form within the 15-day extension period, which would end on March 18.
"The company recently implemented an enterprise resource planning (ERP) system to improve its financial disclosure controls. As a result of this implementation, the company encountered significant issues during the preparation of its annual financial statements which impacted its resources and overall system of financial reporting," Hertz said in a statement. "During the course of the preparation of the company's 2013 financial statements, the company identified certain adjustments relating to prior periods which will require the company to revise certain of its previously issued financial statements. The company does not expect that these revisions to its financial statements will have a material impact on the company's previously reported results of operations, financial condition, or liquidity."
TheStreet Ratings team rates HERTZ GLOBAL HOLDINGS INC as a "buy" with a ratings score of B-. TheStreet Ratings Team has this to say about its recommendation:
"We rate HERTZ GLOBAL HOLDINGS INC (HTZ) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."