(Bloomberg) Hertz Global Holdings Inc. said full-year results will miss the low end of its forecast because of challenges including industrywide vehicle recalls which prevented it from meeting demand and costs related to an accounting review. The shares plunged in late trading.
In addition to a record level of auto recalls, Hertz also cited higher-than-expected operating expenses in the U.S. rental-car market and soft demand in the equipment-rental business segment. The Naples, Florida-based company also highlighted delays with the installation of a computer system, hampering its ability to integrate Dollar Thrifty Automotive Group Inc., acquired in 2012.
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