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Dec 31, 2023
Hertz Q4 2023 Earnings Report
Hertz's Q4 2023 results were impacted by headwinds related to the electric vehicle fleet and other costs.
Key Takeaways
Hertz Global Holdings reported Q4 2023 revenue of $2.2 billion, a 7% increase year-over-year, driven by increased volume across leisure, corporate and rideshare customer channels. The company faced headwinds related to its electric vehicle fleet, resulting in a GAAP net loss of $348 million, or $1.14 loss per diluted share, and an adjusted net loss of $418 million, or $1.36 loss per diluted share.
Revenue increased by 7% compared to Q4 2022, reaching $2.2 billion.
GAAP net loss was $348 million, with a negative 16% margin.
Adjusted net loss amounted to $418 million.
Adjusted Corporate EBITDA was negative $382 million, including $245 million of net depreciation expense related to the sale of electric vehicles.
Hertz
Hertz
Hertz Revenue by Geographic Location
Revenue by Geographic Location
Americas RAC Revenue
CapyFin.com Forward Guidance
Hertz is confident that its planned reduction in EVs and cost base, along with the ongoing execution of its enhanced profitability plan, will enable it to regain its operational cadence and improve its financial performance with increasing effect into 2025.
Positive Outlook
- Planned reduction in EVs.
- Reduced cost base.
- Ongoing execution of enhanced profitability plan.
- Regaining operational cadence.
- Improving financial performance into 2025.