Hertz Global Holdings Inc (NASDAQ:HTZ) reported financial results for the first quarter Thursday morning that exceeded Wall Street expectations on both the top and bottom lines. Here’s what investors need to know.
- Hertz Global Holdings stock is showing weakness. What’s pulling HTZ shares down?
HTZ Revenue Beats Estimates With Strongest Growth Since 2023
The car rental provider recorded total revenue of $2.004 billion, surpassing the analyst consensus estimate of $1.885 billion. This performance represents an 11% increase year-over-year and marks the company's strongest revenue expansion in three years.
On an adjusted basis, Hertz reported a loss of 72 cents per share, narrowing significantly from a $1.12 loss in the prior-year period and beating the consensus estimate of 73 cents. Efficiency gains were evident in Revenue Per Day, which climbed 5.5% for its most significant improvement since 2022. The company's Adjusted Corporate EBITDA also improved nearly 50% year-over-year, narrowing to a loss of $161 million.
CEO Gil West noted that the company's transformation is building “sustained momentum” through ambitious goals for asset efficiency and unit economics. The quarter was highlighted by the launch of Oro Mobility, an operational layer for autonomous and driver-led fleets, and a new digital retail partnership with eBay to expand car sales.
HTZ Stock Edges Lower After Earnings
HTZ Price Action: Hertz Global Holdings shares were down 6.02% at $6.09 Thursday morning, according to Benzinga Pro data.
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