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Investing.com -- Hertz Global Holdings (NASDAQ:HTZ) saw its shares surge 11% in premarket trading Thursday after the car rental company reported its best quarterly performance in nearly two years, fueled by a significant improvement in profitability.
The company posted a Q2 loss per share of $0.34, better than the $0.40 loss expected by analysts. Revenue for the quarter totaled $2.18 billion, down 7% year-over-year, but still slightly ahead of the $2.17 billion consensus estimate.
The company posted adjusted corporate EBITDA of $1 million, a year-over-year improvement of $500 million, and its first positive result in nearly two years.
“Our transformation is taking hold,” said Gil West, CEO of Hertz.
“Through smarter fleet management, improved utilization, enhanced customer experience, disciplined cost control, and the hard work of our people, it’s clear our strategy is working," he added.
Hertz said its “Buy Right, Hold Right, Sell Right” strategy continued to drive performance in Q2, with depreciation per unit dropping to $251—well below its $300 target—and vehicle utilization rising to 83%, up 300 basis points year-over-year.
The company secured its entire 2025 fleet at pre-tariff pricing, maintained a young U.S. rental fleet, and recorded its strongest second-quarter retail vehicle sales in five years.