Hertz's luck may be turning around, but investors will need to wait longer to see results.

Shares of the rental-car company soared nearly 20 percent on Wednesday after positive comments by CEO Kathryn Marinello.

"We have made significant progress in the first half of the year, executing on our operating turnaround plan," Marinello said in a press release Tuesday. "Admittedly, we still have a lot of work to do, but these early wins are evidence that we have the right plan in place to ultimately achieve best-in-class outcomes."

The CEO says the company is focusing on downsizing its fleet of depreciating cars by increasing spending to complete its "transformation" of its fleet.

"Of course, the hard work always comes before the pay off as reflected in our second quarter results, where increased spending to fix areas of weakness and invest in areas of opportunity were exacerbated by a challenging vehicle residual environment in the U.S.," Marinello wrote.

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Hertz shares skyrocket nearly 20% after CEO says there's been 'significant progress' in its turnaround plan - CNBC