Hertz to Restate More Results Due to Accounting Errors

Hertz Global Holdings Inc. on Friday confirmed concerns that its accounting issues ran even deeper, saying it would restate its results for 2012 and 2013 as the company continues an investigation into its financial statements dating back to 2011.

November 19, 2014

Wall Street Journal

Hertz Global Holdings Inc. on Friday confirmed concerns that its accounting issues ran even deeper, saying it would restate its results for 2012 and 2013 as the company continues an investigation into its financial statements dating back to 2011.

Previously, the company had said it would only restate results for 2011, while saying that it would revise the results for 2012 and 2013.

Hertz shares, down 23% over the past three months through Thursday, fell as much as 14% Friday, before closing down about 5%.

The company also disclosed changes to its rental-car fleet strategy and a plan to cut $100 million in costs over the next year.

The company said its audit committee and management have “concluded that the additional proposed adjustments arising out of the review are material to the company’s 2012 and 2013 financial statements,” Hertz said in a filing Friday.

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