Hertz shares drop 9% after company reports wider-than-expected Q1 loss

Shares of Hertz Global Holdings Inc. HTZ, +3.70%dropped more than 9% late Monday after the car-rental company reported a wider-than-expected first-quarter loss. Hertz said it lost $202 million, or $2.43 a share, in the quarter, compared with a net loss of $223 million, or $2.69 a share, in the first quarter 2017.

Adjusted for one-time items, Hertz lost $131 million, or $1.58 a share, compared with an adjusted net loss of $134 million, or $1.61 a share, for the same period last year. Revenue rose 8% to $2.1 billion, from $1.92 billion a year ago. Analysts polled by FactSet had expected an adjusted loss of $1.26 a share on sales of $1.97 billion.