Hertz: larger-than-expected quarterly loss

(CercleFinance.com) - Hertz reported a larger-than-expected quarterly loss on Tuesday, as the car rental company particularly suffered from the depreciation of its electric vehicle fleet.


The Florida-based group reported a net loss of $418m for Q4, or -$1.36 per share, compared with a profit of $173m (50 cents per share) a year ago.

By way of comparison, financial analysts were anticipating a much lower loss, of around 76 cents per share.

Hertz explains that it benefited from stable demand and a more stable interest-rate environment, although these factors were offset by the costs of its electric vehicle fleet.

The group says it intends to reduce the number of electric cars it operates in 2024, while reducing expenses associated with a number of other items.

Sales rose by 7% to approach $2.2bn, broadly in line with consensus.

In pre-market trading, Hertz shares were up around 1%.


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