Hertz Global Holdings Inc ( HTZ ) shares are surging Tuesday morning after the company reported better-than-expected financial results for the third quarter.

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What To Know: Hertz reported third-quarter revenue of $2.48 billion, beating analyst estimates of $1.40 billion, according to Benzinga Pro. The company posted third-quarter adjusted earnings of 12 cents per share, beating estimates of 2 cents per share.

Total revenue declined 4% on a year-over-year basis. Vehicle depreciation per unit per month was $273, aligning with the company’s goal to remain below $300.

Hertz said direct operating expenses fell 1% year-over-year in the quarter, while direct operating expenses per transaction day improved both sequentially and year-over-year through rigorous cost control and operational discipline. The company ended the period with over $2.2 billion in liquidity.

“This quarter proves that we’re delivering on our commitments: driving strong results through focused execution and operational discipline,” said Gil West, CEO of Hertz.

“Throughout this transformation, we’re rebuilding our foundation while sharpening our skills and capabilities, creating a new platform for growth. Our progress is meaningful, our heads are down, but our eyes are on the horizon as we build a company that can thrive across the full spectrum of mobility.”

Vehicle utilization reached more than 84% in the quarter driven by improved processes that reduce out of service time of vehicles. Hertz said its targeting revenue per unit per month of over $1,500 as a North Star goal.

Hertz executives will further discuss the quarter on an earnings call with investors and analysts at 9 a.m. ET.

HTZ Price Action: Hertz shares were up 13.36% at $5.60 at the time of publication on Tuesday, according to Benzinga Pro.

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