A month has gone by since the last earnings report for Hertz (HTZ). Shares have lost about 9% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Hertz due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.Second-Quarter ResultsHertz Global's second-quarter loss (excluding 56 cents from non-recurring items) of 19 cents compared favorably with the Zacks Consensus Estimate of a loss of 29 cents and the year-ago loss of 63 cents. Results were aided by higher revenues.Quarterly revenues of $2,389 million beat the Zacks Consensus Estimate of $2,315.2 million and improved 7.4% on a year-over-year basis. Strength across majority of the segments drove the top line.Segmental PerformanceThe U.S. Rental Car segment generated revenues of $1,628 million, up 7% year over year. The improvement can be attributed to increased volumes both on and off airport.Vehicle utilization improved 100 basis points to 81% in the quarter on the back of efficient fleet management. Excluding fleet dedicated to transportation network companies ("TNC") rentals, vehicle capacity increased 3% in the reported quarter.In second-quarter 2018, direct vehicle operating and selling, general and administrative costs (as a % of total segmental revenues) increased to 70% from 67% a year ago. Higher rental volume and investments pertaining to the company’s transformation initiatives drove expenses.The International Rental Car segment generated revenues of $589 million, up 8% year over year (2% excluding foreign currency impact). Total revenue per transaction day (RPD) increased 2%.During the reported quarter, direct vehicle operating and selling, general and administrative costs (as a % of total segmental revenues) decreased to 65% from 69% a year ago. Revenues from all other operations increased 6% to $172 million.Balance Sheet and Cash FlowHertz Global exited second-quarter 2018 with cash and cash equivalents of $685 million compared with $1,046 million at the end of the first quarter of 2018. Restricted cash at the end of the quarter under review was $236 million compared with $894 million at the end of the preceding quarter.As of Jun 30, 2018, total debt was $17,364 million compared with $16,811 million as of Mar 31, 2018. The company generated $942 million of cash from operating activities during the first half of the year compared with $963 million in the year-ago comparable period. How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 5.82% due to these changes.VGM ScoresCurrently, Hertz has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Hertz has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hertz Global Holdings, Inc (HTZ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research