Hertz Global stock tumbled Tuesday, a day after the car rental company reported a bigger-than-expected earnings loss and revenue that fell below analysts' estimates.
Lower rental prices and lower resale value for its used vehicles crimped the earnings report.
Shares of the stock closed down more than 14 percent during Tuesday, as investors digested the weak quarterly report and lack of future guidance from management.
After the bell on Monday the company reported a first quarter earnings loss, excluding items, of $1.61 per share on sales of $1.92 billion. The Street was anticipating Hertz to post a much smaller loss for the quarter of 91 cents on better sales of $1.94 billion, according to Thomson Reuters.
The company's net loss from continuing operations widened to $223 million during the period, from just $52 million a year ago. Hertz also booked an impairment charge of $30 million in the quarter.
Hertz will likely continue to struggle to get better resale values for its cars so long as U.S. used-car prices continue to fall, as more and more vehicles return to the market following their leases' end.