Hertz falls after missing fourth quarter results estimates

Hertz Global Holdings

13/02/2025 14:57

** Car rental company Hertz Global Holdings' shares  HTZ.O 
fall 9.3% to $3.86 in early trading
    ** Hertz posted lower-than-expected quarterly loss and
revenue amid a vehicle fleet rotation aimed at normalizing
depreciation costs
        ** Fleet rotation is expected to complete by year-end
  
    ** Q4 adj. loss $1.18 per share vs. analysts' estimated loss
71 cents per share - LSEG compiled data
    ** Q4 revenue of $2.04 bln vs estimate of $2.12 bln
    ** Co noted loss on sales experienced in Q4 was largely
driven by the impacts of higher-than-normal defleeting, which
includes servicing and maintenance to prepare vehicles for
resale
    ** "Q4 depreciations were clouded by the sale of vehicles,
and it is likely this will continue into Q1 (2025) a bit as we
continue to accelerate our fleet rotation" - Hertz CEO Gil West
said in quarterly earnings call
    ** In 2024, stock had fallen 64.8% 

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))