By Dean Seal
Hertz Global Holdings shares dropped after the company logged a wider loss in the fourth quarter amid declining revenue and an overhaul of its rental-car fleet.
Shares were down 13% at $3.69 in premarket trading. Shares were trading around $7.58 this time a year ago.
The Estero, Fla., car-rental company posted a loss of $479 million, or $1.56 a share, for the last three months of 2024, compared with a loss of $348 million, or $1.14 a share, in the same quarter a year earlier.
Stripping out one-time items, the adjusted loss was $1.18 a share. Analysts surveyed by FactSet had been expecting a per-share shortfall of just 69 cents.
Revenue fell 7% to $2.04 billion, missing analyst forecasts for $2.12 billion, according to FactSet.
Hertz is overhauling its fleet and incurring depreciation costs along the way. Defleeting was higher than normal in the fourth quarter and drove a loss on sales, the company said
The fleet rotation is expected to be finished by the end of the year, Hertz said.
The company has also been working to increase its monthly revenue per vehicle, which narrowed to a 1% decline in the fourth quarter. It was down 7% in the first quarter of last year, Hertz said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 13, 2025 08:55 ET (13:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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