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Shares of Hertz Global Holdings ( HTZ ) closed cruise review norwegian up +1.24 or +4.77 percent cruise review norwegian on Monday, after the company announced it would be spinning off its construction equipment rental business. The Hertz Equipment Rental division will reportedly be spun off for $2.5 billion through a tax-free distribution that will tentatively be completed by the beginning of 2015. In addition to the spin off news, the company also reported 2013 fourth quarter early this morning. The company reported a lower than expected loss, but missed on revenue. Park Ridge, New Jersey based Hertz Global Holdings is an international car rental company with over 10,400 rental locations in roughly 150 countries worldwide. The U.S. business has about 3,200 staffed rental sites with more than 70 percent of them at airports. The company s fleet of almost half a million vehicles consists of automobiles made by Ford F, General Motors GM, Toyota TM and others. Hertz revenue comes primarily from renting cars through a variety of car rental companies, but also rents heavy equipment at over 335 locations in the United States, Canada, China, Spain, France and Saudi Arabia. cruise review norwegian The company s equipment rental division was responsible for over $1.5 billion in revenue in 2013. The new company will be named Hertz Equipment Rental Corp and will continue renting equipment such as forklifts, power generators, cruise review norwegian earthmoving equipment, cruise review norwegian pumps, trucks, trailers, compressors and other tools. The company plans to use $1 billion of the spin off money to fund a stock buyback program. Hertz also reported a fourth quarter net loss attributable cruise review norwegian to stockholders of -$0.6 million, or break even per share, this compares to a loss of -$36.8 cruise review norwegian million, or -$0.09 per share in the same period one year ago. Income for the fourth quarter came in at $121.1 million, which gave the company adjusted earnings of $0.26 per share, versus cruise review norwegian $139.1 million, or $0.33 per share in 2012 s fourth quarter. Analysts expected fourth quarter adjusted earnings to be $0.33 per share. Mark P. Frissora the company's chairman and chief executive officer stated in the earnings press release that,
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Jay Hawk enjoyed a 12-year professional financial markets career incorporating extensive first hand futures and options experience obtained by trading in the stock, commodity and forex markets on U.S. exchanges. Since retiring as a full-time financial market professional, he has been actively trading stock, commodities, forex and options for his own account and managing funds for others, as well as writing financial market commentary and educational articles.