Hertz finally released its correct earnings, and now the stock is surging

Hertz Global has finally released its restated earnings from 2011 through 2013.

In a statement after the market close on Thursday, the company said it misstated pre-tax income over the three years by $US207 million.

Last November, the car rental company announced it would restate its earnings from 2011 through 2013 due to accounting issues. The company withdrew its financial guidance for 2014 last August.

CEO John Tague said in the statement: “Today’s filings are an important step forward, and our attention is now on realising Hertz’s full potential. While much work remains, I thank the Hertz team for their efforts to bring our filings up to date while continuing to remain focused on our customers and our future.”

Hertz also said it will buy back up to $US1 billion of its stock.

In premarket trading on Friday, the stock was up more than 17%. It is down 32% year-to-date, and 40% over the past 12 months.

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