BUZZ-Hertz falls after missing fourth quarter results estimates

Reuters

Feb 13, 2025

BUZZ-Hertz falls after missing fourth quarter results estimates

** Car rental company Hertz Global Holdings' shares HTZ.O fall 9.3% to $3.86 in early trading

** Hertz posted lower-than-expected quarterly loss and revenue amid a vehicle fleet rotation aimed at normalizing depreciation costs

** Fleet rotation is expected to complete by year-end

** Q4 adj. loss $1.18 per share vs. analysts' estimated loss 71 cents per share - LSEG compiled data

** Q4 revenue of $2.04 bln vs estimate of $2.12 bln** Co noted loss on sales experienced in Q4 was largely driven by the impacts of higher-than-normal defleeting, which includes servicing and maintenance to prepare vehicles for resale

** "Q4 depreciations were clouded by the sale of vehicles, and it is likely this will continue into Q1 (2025) a bit as we continue to accelerate our fleet rotation" - Hertz CEO Gil West said in quarterly earnings call

** In 2024, stock had fallen 64.8%

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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