Hertz Swings to Profit as it Focuses on Newer Cars in Fleet

Hertz swung to a third-quarter profit, boosted by plummeting depreciation, as the company continues its strategy to swap out older cars for a newer fleet.

The rental-car company on Tuesday reported net income of $184 million, or 42 cents a share, compared with a loss of $1.33 billion, or $4.34 a share, the year prior.