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Jun 30, 2024
Hertz Q2 2024 Earnings Report
Hertz reported a net loss due to increased vehicle depreciation, despite healthy demand and revenue strategy execution.
Key Takeaways
Hertz Global Holdings reported second quarter 2024 results with a revenue of $2.4 billion. The company experienced a GAAP net loss of $865 million, or $2.82 loss per diluted share, and an adjusted net loss of $440 million, or $1.44 loss per diluted share. Adjusted Corporate EBITDA was negative $460 million, primarily due to a significant increase in vehicle depreciation. The company raised $1 billion to bolster liquidity and de-risk its fleet refresh, with corporate liquidity at $1.8 billion at the end of the quarter.
Revenue reached $2.4 billion, with healthy demand and focus on rate prioritization.
GAAP net loss was $865 million, or $2.82 loss per diluted share.
Adjusted net loss amounted to $440 million, or $1.44 loss per diluted share.
Adjusted Corporate EBITDA was negative $460 million, impacted by increased vehicle depreciation.
Hertz
Hertz
Hertz Revenue by Geographic Location
Revenue by Geographic Location
Americas RAC Revenue
CapyFin.com Forward Guidance
Hertz expects to substantially complete its fleet refresh by the end of 2025, normalizing DPU in the low $300s.