Hertz Global Holdings Inc. said 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 it would revise the results for 2012 and
2013.
Shares of the company rose 2.3% in recent premarket trading.
The company's 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.
As a result, the company said it would take longer to complete
the auditing process. "Hertz does not currently expect to complete
the process and file updated financial statements before mid-2015,
and there can be no assurance that the process will be completed at
that time, or that no additional adjustments will be identified,"
the company said in a filing.
Hertz on Friday also unveiled a new strategy for its U.S. rental
car fleet, with an emphasis on buying more 2015 model-year cars
than 2014 models.
The company said it has implemented a cost-cutting program
expected to result in $100 million in savings by the end of next
year, as well.
Write to Michael Calia at michael.calia@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires