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Mar 31, 2024
Hertz Q1 2024 Earnings Report
Hertz's Q1 2024 earnings were impacted by fleet and direct operating costs, resulting in a net loss. The company is focused on optimizing vehicle supply, improving productivity, and reducing operating costs to enhance profitability.
Key Takeaways
Hertz Global Holdings reported a revenue of $2.1 billion for Q1 2024, a 2% increase year-over-year. However, the company experienced a GAAP net loss of $186 million, or $0.61 loss per diluted share, and an adjusted net loss of $392 million, or $1.28 loss per diluted share. The results were weighed down by increased vehicle depreciation, particularly related to EVs held for sale.
Revenue increased by 2% year-over-year to $2.1 billion, driven by strong rental demand.
GAAP net loss was $186 million, or $0.61 loss per diluted share.
Adjusted net loss was $392 million, or $1.28 loss per diluted share.
Adjusted Corporate EBITDA was negative $567 million, impacted by a $588 million increase in vehicle depreciation.
Hertz
Hertz
Hertz Revenue by Geographic Location
Revenue by Geographic Location
Americas RAC Revenue
CapyFin.com Forward Guidance
Hertz has initiated revenue and cost initiatives to improve future profitability.