Shares of car rental company Hertz Global Holdings Inc HTZ 11.89% are surging 12 percent on Friday following the company’s restatement of more than two years of financial results.

The company’s 10k filing provided some clarity to the market, and many investors seem to think that the ailing company is now back on track.

The Filing

According to the 10k filing, the company misstated $207 million in pretax income from 2011 to 2013. The revisions reduced pretax income during that time by up to 23 percent.

The positive reaction in the market seems to indicate that there were fears that the adjustments could be much worse, or perhaps the market is cheering the $300 million in annualized cost savings that the company is now projecting to reach by the end of the year.

MKM’s Take

MKM Partners analyst Christopher Agnew released…

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