Hertz Global Holdings, Inc. (HTZ) stock surged 8.10% in pre-market trading on Tuesday following the release of its impressive third-quarter earnings report. The car rental giant demonstrated a significant turnaround, beating analyst expectations and showcasing the success of its ongoing transformation efforts.

The company reported a Q3 earnings per share (EPS) of $0.42, with adjusted EPS coming in at $0.12, doubling the $0.06 estimate from IBES. Hertz's revenue for the quarter reached $2,478 million, surpassing the anticipated $2,424 million. The strong performance extended to the bottom line, with net income standing at $184 million and an adjusted EBITDA margin of 8%.

Hertz's transformation strategy appears to be paying off, driving record utilization rates and marking a return to EPS profitability. This robust financial performance, coupled with the company's ability to exceed market expectations, has reignited investor confidence, as reflected in the significant pre-market stock price increase. As the market digests these results, all eyes will be on Hertz to see if this positive momentum can be sustained in the coming quarters.