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Hertz Global (NASDAQ:HTZ) fell sharply on Thursday after the car rental company just slightly missed revenue and adjusted EBITDA estimates with its Q2 earnings report.
Hertz (HTZ) saw volume increase 12% during the quarter, while the average fleet was up 9%. Monthly revenue per unit in the quarter of $1,516 benefited from utilization of 82%, an increase of 230 bps relative to the same quarter a year ago. Fleet depreciation was $329M, reflecting a year over year increase of $223M attributable to a reduction in vehicle disposition gains, which were at elevated levels in 2022.
CEO Stephen Scherr: “Demand was strong in the US, Canada, and Europe, as each of leisure, corporate and Rideshare, continue to demonstrate momentum, with international travel benefiting both our US and European businesses. Our sequential growth in transaction days in the US outpaced TSA airport traffic and other indicators of broader growth in travel, and was generated with only 11% growth in fleet.”
Shares of HTZ were down 11.45% at 3:42 p.m. on Thursday to trade at a none-week low.
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