© Reuters
Hertz Global Holdings (OTC:) Inc. reported its third-quarter earnings for the year 2023, revealing a year-over-year revenue increase of 8.3% to reach $2.7 billion. However, this fell slightly short of the estimate of $2.71 billion. The company’s earnings per share (EPS) matched the consensus at $0.70.
The report highlighted several key metrics for the quarter. In America’s Rent-a-Car (RAC) segment, transaction days totaled 34,278 with a total revenue per day (RPD) of $63.33. The segment also reported depreciation per unit per month at $295 and an average of 467,916 vehicles. Meanwhile, the International RAC segment reported total RPD of $59.09, transaction days at 8,817, depreciation per unit per month at $229, and an average of 122,572 vehicles.
Geographically, Hertz reported revenues of $531 million for International and $2.17 billion for Americas RACs. The total revenue per unit per month was $1,448 for International and $1,636 for Americas RACs.
Despite these results, Hertz’s shares experienced a significant decline over the past month, falling by 15.7%. This downturn is notably larger than the composite’s decline of 3.4% over the same period.
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