Nucor earnings beat by $0.08, revenue fell short of estimates
ESTERO, Fla. - Hertz Global Holdings (NASDAQ:HTZ) reported disappointing first quarter results on Tuesday, with earnings and revenue falling short of analyst expectations as the car rental company continues its turnaround efforts.
Shares of Hertz fell 8.65% in early trading Friday following the earnings release.
Hertz posted an adjusted loss of $1.12 per share for Q1, wider than the $0.94 loss per share analysts were expecting. Revenue came in at $1.81 billion, missing estimates of $2.01 billion and declining 13% year-over-year.
The company said revenue was impacted by reduced fleet capacity, which was down 8% YoY as Hertz intentionally ran a tighter fleet amid macro demand uncertainties. Total (EPA:TTEF) revenue per day fell 5% to $53.38.
"Our ’Back-to-Basics Roadmap’ is working," said CEO Gil West. "Disciplined fleet management, revenue optimization, and rigorous cost control are driving meaningful results."
West highlighted that vehicle depreciation decreased 45% YoY in Q1, with depreciation per unit improving to $353 compared to $588 a year ago. The company now expects to achieve its target of sub-$300 depreciation per unit in Q2, faster than previously anticipated.
Hertz said it remains on track to return to positive adjusted corporate EBITDA by Q3 2025. The company had $1.2 billion in corporate liquidity as of March 31.
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