Overview - Hertz reported third quarter 2024 revenue of $2.6 billion, a decrease of 5% compared to $2.7 billion in the same period last year [2][12] - The company experienced a GAAP net loss of $1.3 billion, translating to a negative margin of 52%, or a loss of $4.34 per diluted share [2][9] - Adjusted net loss was $208 million, or $0.68 loss per diluted share, compared to a profit of $230 million in the prior year [2][9] - Adjusted Corporate EBITDA was negative $157 million, down from positive $359 million in the previous year [2][9] Financial Performance - The company recorded a non-cash asset impairment charge of $1.0 billion due to declining fleet residual values [2][9] - Vehicle depreciation increased significantly to $937 million, up from $501 million in the prior year [2][9] - Direct vehicle and operating expenses decreased to $1.47 billion, down from $1.50 billion year-over-year [9][12] - Corporate liquidity stood at $1.6 billion as of September 30, 2024 [2] Operational Insights - Average vehicles in the fleet decreased by 1% to 583,516 units compared to 590,489 units in the previous year [2][12] - Vehicle utilization rate was 82%, down from 83% year-over-year [2][12] - The company aims to complete its fleet rotation by the end of 2025, expecting depreciation per unit to normalize to under $300 [2][9] Segment Performance - The Americas RAC segment generated revenues of $2.06 billion, a 5% decline from $2.17 billion in the prior year [2][12] - The International RAC segment reported revenues of $514 million, down 3% from $531 million [2][12] - Adjusted EBITDA for the Americas RAC segment was negative $169 million, compared to positive $302 million in the previous year [2][12] Cash Flow and Debt - GAAP operating cash flow was $894 million, while adjusted operating cash outflow was $132 million [2][9] - Total debt increased to $16.96 billion from $15.69 billion year-over-year [10][12] - The company reported a net cash used in investing activities of $487 million for the quarter [11]

In its upcoming report, Hertz Global Holdings, Inc. (HTZ) is predicted by Wall Street analysts to post quarterly loss of $0.50 per share, reflecting a decline of 171.4% compared to the same period last year. Revenues are forecasted to be $2.72 billion, representing a year-over-year increase of 0.5%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 6.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial project ...

Today, Hertz (NASDAQ: HTZ ) announced that it is helping citizens in communities across the nation get to the polls with its Free Day on Election Day promotion. Customers will get one day free* when they reserve a car for at least two days and pick up October 21 through November 5 at participating Hertz neighborhood locations.Why: "Hertz has thousands of locations in communities across the country and we want to make it easier for people to exercise their right to vote by providing greater access to reliabl ...

Core Insights - Hertz Global Holdings, Inc. has appointed Lauren Fritts as Senior Vice President and Chief Communications Officer, effective September 30, 2024, to enhance the company's global communications strategy [1][2] - Fritts brings nearly two decades of experience in communications and marketing, having previously served as Chief Corporate Affairs and Marketing Officer at WeWork, where she led a comprehensive global strategy [2][4] - Hertz aims to strengthen its brand narrative and corporate reputation under Fritts' leadership, focusing on operational performance and customer experience [2][3] Company Overview - Hertz operates the Hertz, Dollar, and Thrifty vehicle rental brands across multiple regions, including North America, Europe, and Asia, making it one of the largest vehicle rental companies globally [5] - The Hertz brand is recognized worldwide, and the company also owns the Firefly vehicle rental brand and Hertz 24/7 car sharing business [5]

ESTERO, Fla., Aug. 27, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) – one of the leading global rental car companies – announced that its Board of Directors is increasing the size of the Board from nine to 11 and is electing Mr. Francis "Frank" Blake and Ms. Lucy Clark Dougherty to serve as directors, effective today. Frank Blake, Hertz Board MemberFrank Blake, Hertz Board Member Lucy Clark Dougherty, Hertz Board MemberLucy Clark Dougherty, Hertz Board Member HertzHertz Blake is the retire ...

Hertz Global Holdings, Inc. (HTZ) reported $2.35 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 3.5%. EPS of -$1.44 for the same period compares to $0.72 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $2.48 billion, representing a surprise of -4.96%. The company delivered an EPS surprise of -19.01%, with the consensus EPS estimate being -$1.21. While investors scrutinize revenue and earnings changes year-over-year and how they compa ...

Hertz Global Holdings, Inc. (HTZ) came out with a quarterly loss of $1.44 per share versus the Zacks Consensus Estimate of a loss of $1.21. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -19.01%. A quarter ago, it was expected that this company would post a loss of $0.45 per share when it actually produced a loss of $1.28, delivering a surprise of -184.44%. Over the last four quarters, the ...

"We're moving quickly with a best-in-class leadership team, a strategy laser-focused on delivering sustainable returns and elevating our operational performance across the business," said Gil West, Hertz CEO. "During the second quarter, we bolstered our liquidity to expedite our cost and revenue improvement initiatives and accelerate our fleet refresh to provide vehicles aligned with customer needs. We are at an exciting inflection point in our path to generate greater value for our customers, employees and ...

Core Viewpoint - Hertz Global Holdings, Inc. is facing a securities class action lawsuit for alleged violations of federal securities laws, including fraudulent misrepresentations and omissions regarding its business and operations, leading to significant investor losses [1]. Group 1: Allegations and Financial Impact - On January 11, 2024, Hertz announced the sale of approximately 20,000 electric vehicles from its U.S. fleet, which is about one-third of its global EV fleet, resulting in an expected $245 million incremental net depreciation expense in Q4 2023 [3]. - Following this announcement, Hertz's stock price dropped by $0.40 per share, or 4.28%, closing at $8.95 per share [3]. - On April 25, 2024, Hertz reported a first-quarter 2024 EPS of -$1.28, significantly below the consensus estimate of -$0.43 and worse than the adjusted diluted EPS of $0.39 from the same period the previous year [5]. - The company also disclosed a $588 million increase in vehicle depreciation, primarily due to deteriorating estimated forward residual values and disposition losses on internal combustion engine vehicles [5]. - Following the Q1 results announcement, Hertz's stock price fell by $1.12 per share, or 19.31%, closing at $4.68 per share [6]. Group 2: Leadership Changes - On March 15, 2024, Hertz announced the resignation of its CEO and Chairman of the Board, with a new CEO appointed shortly thereafter [4]. Group 3: Legal Proceedings - Investors affected by Hertz's alleged misconduct can seek to be appointed as lead plaintiffs in the class action lawsuit by July 30, 2024 [7]. - The class action complaint is filed in the United States District Court for the Middle District of Florida under the case name Doller v. Hertz Global Holdings, Inc., et al. [7].

If you suffered Hertz losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/hertz-globalholdings-inc?utm_source=PR&utm_medium=link&utm_campaign=htz&mktm=r On March 15, 2024, Hertz announced that its CEO and Chairman of its Board of Directors would resign from his roles by the end of the month, and that Hertz had subsequently appointed a new CEO. Hertz investors may, no later than July 30, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & ...