Hertz Global misses by $0.31, beats on revs (8.21)
- Reports Q4 (Dec) loss of $1.36 per share, excluding non-recurring items, $0.31 worse than the FactSet Consensus of ($1.05); revenues rose 7.3% year/year to $2.18 bln vs the $2.15 bln FactSet Consensus.
- Adjusted operating cash outflow of $366 million and adjusted free cash outflow of $128 million.
- "Our business benefitted from solid demand and a stable rate environment in the fourth quarter," said Stephen Scherr, Hertz chair and chief executive officer. "Nevertheless, we continued to face headwinds related to our electric vehicle fleet and other costs throughout the quarter. We have taken steps to address those challenges and heading into 2024, we are confident that our planned reduction in EVs and cost base, along with the ongoing execution of our enhanced profitability plan, will enable us to regain our operational cadence and improve our financial performance with increasing effect into 2025."