Hertz Pulls 2014 Financial Forecast

Posted on: August 20th, 2014 by ABC News No Comments

Chris Hondros/Getty Images(NEW YORK) — The picture isn’t so pretty at Hertz.

The world’s biggest car rental company says it’s withdrawing its financial forecast for the year and expects profits to be “well below the low end of its 2014 guidance.”

Hertz is blaming GM’s recent recalls for part of the problem, leaving the firm with fewer cars to rent, because the vehicles had to be pulled off the lot.

In a regulatory filing Tuesday, Hertz also cited higher-than-expected costs and weak demand for equipment rentals.

Shares of Hertz Global Holdings plunged 18 percent on the news.

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