Hertz to miss guidance, cites tough rental market

PARK RIDGE, N.J. - Car-rental chain Hertz Global Holdings Inc. said it no longer expects to meet its earnings guidance for the year, citing reduced demand, lower pricing and declining vehicle values.

Hertz said it will suspend providing financial guidance, as it has become increasingly difficult to predict given market conditions.

In August, Hertz projected 2008 adjusted earnings between $340 million and $375 million, or $1.05 to $1.15 per share. It anticipated revenue between $8.7 billion and $8.8 billion.

Analysts surveyed by Thomson Reuters expect full-year earnings of $1.01 per share on $8.8 billion in revenue.

Hertz reported after the bell Wednesday that its third-quarter profit fell sharply on a host of charges.

It shares fell 49 cents, or 7.5 percent, to $6.19 in Thursday morning trading.

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