Rental car giant Hertz is tanking more than 30% after disastrous earnings

Hertz Global Holdings, the parent company of Hertz car rental franchises, posted dismal third quarter earnings on Tuesday and the stock is tanking.

The company missed earnings per share significantly, posting adjusted earnings of $1.50 per share against analyst estimates of $2.73 per share. Revenue also whiffed, albeit by less, at $2.54 billion against projections of $2.59 billion.

CEO John Tague said in a press release that the company is still aiming to cut costs in the long run, but recent events impacted the quarterly performance.

"However, our near-term financial performance continues to be uneven," said Tague in the release. "A customary vehicle depreciation rate review near the close of the third quarter resulted in a substantial depreciation adjustment, particularly on compact and mid-sized vehicles, that together with rental volume at the low end of our expectations as well as higher net operating and administrative expenses impacted our performance."

Following the news, the stock has tanked more tha 34% in pre-market trading to $23.50 a share, a $12.12 a share drop from Monday's closing price.

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