Hertz stock dented on earnings

ESTERO — The stock of car rental giant Hertz fell 9.4% after it posted financial results that disappointed investors.

Hertz, whose employees are moving into a new headquarters in Estero, reported revenues fell 5% to $2.98 billion in the quarter ending Sept. 30 compared with the same quarter one year ago. However, net income rose 59% to $237 million in the same period.

“Our profit improvement in the third quarter is early evidence of the potential we see in our performance improvement plan,” says John Tague, CEO of Hertz, in a statement. “Our fleet efficiency, which measures our ability to match capacity with demand, rose to record levels.”