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Sep 30, 2020
Hertz Q3 2020 Earnings Report
Hertz reported a challenging quarter due to the pandemic, but showed sequential progress with revenue improvements and cost controls.
Key Takeaways
Hertz Global Holdings reported Q3 2020 financial results with a revenue of $1.3 billion and a net loss attributable to the company of $222 million. The company's liquidity at the end of the quarter was $1.1 billion. They are progressing well with their U.S. Chapter 11 process.
Hertz is progressing well with their U.S. Chapter 11 process.
The company saw sequential progress as month-to-month revenue improved, disciplined cost controls were implemented and prudent working capital management enabled the company to maintain its liquidity position.
U.S. rental volume has trended better since Labor Day, reflecting pent-up leisure demand and market-specific rate adjustments.
The company is increasing its annualized global cost savings target to $3.0 billion, up from $2.5 billion.
Hertz
Hertz
Hertz Revenue by Geographic Location
Revenue by Geographic Location
Americas RAC Revenue
CapyFin.com Forward Guidance
Hertz did not provide specific forward guidance in this earnings report.