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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.
Revenue by Geographic Location
Forward Guidance
Hertz has initiated revenue and cost initiatives to improve future profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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