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Shares of Hertz Global Holdings, Inc (NASDAQ:HTZ) are trading lower after the company reported first-quarter FY24 sales growth of 1.6% year-on-year to $2.08 billion, beating the analyst consensus estimate of $2.039 billion.
Average rentable vehicles increased 10% to 529,232, with 76% vehicle utilization.
Total revenue per day (RPD) declined 7% to $56.68. Americas RAC segment revenue increased slightly by 1% whereas the International RAC segment climbed 8%.
Selling, general and administrative expenses decreased 26.7% to $162 million.
Hertz held $945 million in cash and equivalents as of March-end. Operating cash flow for the quarter totaled $370 million.
Adjusted corporate EBITDA for the quarter was $(567) million, with an adjusted corporate EBITDA margin of (27)%.
Adjusted EPS of $(1.28) missed the analyst consensus estimate of $(0.44).
“Fleet and direct operating costs weighed on this quarter’s performance,” said CEO Gil West. “We’re tackling both issues – getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down.”
Price Action: HTZ shares are trading lower by 23% at $4.465 at the last check Thursday.
Photo by EQRoy on Shutterstock
Posted In: HTZ
