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Hertz Global Holdings, Inc’s stock jumped 5.80% after the company’s board approved a new $2.0 billion share repurchase program.
Source: Hertz
HTZ up +5.80%, CAR up +2.33%, Pre-market trading
The new approval adds to the existing $2.0 billion share repurchase program announced in November last year.
With nearly $0.2 billion remaining under the prior approval, the company has repurchased almost 88 million shares as of June 14, 2022, and the company now has $2.2B available under the programs.
Stephen Scherr, chief executive officer of Hertz, stated that the increased authorization underscores the confidence that management and the board have in the company’s future.
Scherr further stated that the company is committed to the capital allocation strategy that uses organic cash flows and relevant leverage to invest in technology, modernize the fleet, and return capital to shareholders.
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