Herc Shares Drop After Q2 Earnings Miss: What Happened?
Portfolio Pulse from Shivani Kumaresan
Herc Holdings Inc (NYSE:HRI) reported Q2 FY23 sales growth of 25.2% YoY to $802 million, missing the analyst consensus estimate of $814.65 million. Adjusted EPS of $2.69 also missed the analyst consensus of $3.13. Despite the miss, Herc reaffirmed its FY23 adjusted EBITDA outlook of $1.45 billion-$1.55 billion. Following the announcement, HRI shares dropped by 4.96%.
July 25, 2023 | 3:57 pm
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Herc Holdings' Q2 FY23 sales and EPS missed analyst estimates, leading to a drop in share price.
Herc Holdings reported lower than expected sales and EPS for Q2 FY23, which has led to a negative market reaction and a drop in share price. The reaffirmation of the FY23 EBITDA outlook might mitigate the negative impact to some extent, but the immediate reaction is negative.
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IMPORTANCE 80
RELEVANCE 100