Hertz stock falls after third-quarter revenue rises 3% to $2.84 billion

Hertz Global Holdings Inc. stock fell more than 2% in the extended session Monday after the company reported a 3% rise in sales to $2.84 billion.

Hertz HTZ, +2.84% reported third-quarter net income of $169 million, which amounts to $1.26 a share, versus $141 million, or $1.47 a share, in the year-ago period. Adjusted earnings were $1.60 a share.

Revenue rose 3% to $2.84 billion from $2.76 billion in the year-ago quarter.

“Our strong third-quarter results continue to reflect the successful execution of our strategies, operational efficiencies and early returns on foundational and growth investments,” Hertz Chief Executive Kathryn Marinello said in a statement.

Analysts surveyed by FactSet had estimated adjusted earnings of $1.50 a share on sales of $2.84 billion. FactSet polled four analysts for the consensus revenue figure. In the fourth quarter, analysts model adjusted losses of 32 cents a share on sales of $2.35 billion.

Hertz closed a rights offering in July, which diluted the company’s stock, affecting the earnings per share, the company said.

Hertz stock has gained 18.3% this year, with the S&P 500 index SPX, +0.37% rising 22%.

Sanofi: FDA OKs flu vaccine for older adults

Sanofi on Monday said the U.S. Food and Drug Administration approved a supplemental Biologics License Application for its Fluzone influenza vaccine for use by adults 65 and older.

The application was for the company’s Fluzone High-Dose Quadrivalent (Influenza Vaccine), Sanofi said.

"Fluzone High-Dose Quadrivalent is given to people 65 years of age and older to help prevent influenza disease caused by influenza A and B strains contained in the vaccine," the company said.

David Loew, Sanofi Executive Vice President and head of Sanofi Pasteur, said, "We are excited to build upon the success of trivalent Fluzone High-Dose with this FDA approval to expand protection for an additional B strain. We have submitted filings with additional regulatory bodies outside the U.S. and anticipate approval in the European Union next spring."

–Write to Stephen Nakrosis at [email protected]

Occidental Petroleum Posts Q3 Loss

Occidental Petroleum Corporation (OXY) Monday reported third-quarter net loss of $912 million or $1.08 per share, compared to last year’s profit of $1.87 billion or $2.44 per share.

Adjusted earnings for the quarter were $0.11 per share, down from $1.77 per share last year.

Revenues for the quarter were $5.87 billion, down from $6.18 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $0.38 per share on revenues of $5.57 billion. Analysts’ estimates typically exclude special items.

Uber Reports Growing Profitability In Its Rides Segment

Uber Technologies, Inc. (UBER) reported that its third-quarter gross bookings grew $3.7 billion year-over-year to $16.5 billion, representing 29 percent year-over-year growth, or 32 percent on a constant currency basis. Adjusted net revenue growth accelerated to 33 percent year-over-year, or 35 percent on a constant currency basis. Rides adjusted EBITDA was up 52 percent year-over-year.

For the third-quarter, loss per share was $0.68 compared to a loss of $2.21, a year ago. On average, 23 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.81, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA was negative at $585 million, a 28 percent wider loss from previous year. Rides adjusted EBITDA was at $631 million compared to $416 million, a year ago.

Third-quarter adjusted net revenue increased to $3.53 billion from $2.66 billion, previous year. Analysts expected revenue of $3.69 billion, for the quarter.

Looking forward, the company improved its full year adjusted EBITDA guidance by $250 million to a loss of $2.8-2.9 billion.

Aqua America Inc. Q3 adjusted earnings Beat Estimates

Below are the earnings highlights for Aqua America Inc. (WTR):

-Earnings: $88.49 million in Q3 vs. $78.22 million in the same period last year.
-EPS: $0.38 in Q3 vs. $0.44 in the same period last year.
-Excluding items, Aqua America Inc. reported adjusted earnings of $85.60 million or $0.48 per share for the period.
-Analysts projected $0.43 per share
-Revenue: $243.63 million in Q3 vs. $226.14 million in the same period last year.

Howard Hughes posts higher Q3 profit

Howard Hughes Corp. HHC, -0.31% reported higher profit in the fiscal third quarter, due to an increase in condominium rights and unit sales, but funds from operations slipped and missed analysts’ estimates.

The real-estate development and management company said net income was $29.8 million, or 69 cents a share, compared with $23.4 million, or 54 cents a share, in the same quarter a year ago.

Funds from operations–a metric that accounts for depreciation of property assets–were 91 cents a share, compared with $1.24 a share in the prior year’s quarter. Three analysts polled by FactSet had expected funds from operations of $1.02 a share.

Total revenue was $231.2 million, down 10% from a year earlier. Analysts were targeting $234.8 million in revenue.

In October, Howard Hughes said it will undergo a large cost-cutting plan that includes shedding about $2 billion of non-core assets and changing its leadership structure.

Write to Kimberly Chin at [email protected]

Groupon Q3 Profit Misses Estimates; Shares Plunge

Groupon, Inc. (GRPN) reported third-quarter non-GAAP net income per share of $0.01 compared to $0.04, prior year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.03, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA was $50.0 million, down from $56.4 million, a year ago.

Third-quarter revenue was $495.6 million, down 16 percent (15 percent FX-neutral) from prior year. Analysts expected revenue of $525.43 million, for the quarter. Global units sold were down 9 percent to 35.8 million largely driven by fewer customers and lower traffic.

For the full year 2019, Groupon continues to project adjusted EBITDA of approximately $270 million.

Shares of Groupon were down nearly 10% after hours.