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Hertz posts weaker-than-expected quarterly results, shares fall

Hertz Global reported a. widerthanexpected thirdquarter loss and missed out on earnings. price quotes on Tuesday, injured by depreciation charges from its. fleet automobiles, sending shares of the rental automobile company down more. than 8% in premarket trading.

Hertz tape-recorded a $1 billion possession problems charge during. the quarter, pointing out a decline in fleet residual worths, which. describes an automobile's disposal rate at the end of its operating. period, over the last year.

Previously this year, the company started a sale of about. 20,000 of its electric automobiles consisting of from Tesla,. pointing out higher repair expenses associated with those automobiles.

Hertz' devaluation per system surged 89% to $537 million in. the quarter ended Sept. 30 from a year earlier.

On an adjusted basis, the company lost 68 cents per share. compared to experts' typical price quote of a loss of 50 cents,. according to information assembled by LSEG.

General quarterly sales fell 5% to $2.58 billion from a year. earlier, compared with analysts' price quotes of about $2.7. billion.

(source: Reuters)