Hertz (HTZ) Q1 Loss Narrower-Than-Expected, Revenues Lag
Zacks Investment Research | May 07, 2019 08:14AM ET
Hertz Global Holdings, Inc (NYSE:HTZ) incurred adjustedloss of 99 cents per share in the first quarter of 2019, narrower than the Zacks Consensus Estimate of a loss of $1.32. Moreover, the amount of loss decreased on a year-over-year basis. Solid pricing, volume growth and efficient fleet management benefited results.
Quarterly revenues came in at $2.11 billion, missing the Zacks Consensus Estimate of $2.17 billion. However, the top line improved 2.1% on impressive performance of the U.S. Rental Car segment.
Segmental Performance
In the quarter under review, the U.S. Rental Car segment generated revenues of $1.52 billion, up 7% year over year. This upside can be attributed to expanded volumes and favorable pricing.
Vehicle utilization remained flat at 79% in the quarter. In first-quarter 2019, direct vehicle operating and selling, general and administrative costs (as a percentage of total segmental revenues) increased 20 basis points to 72% in the reported quarter.
The International Rental Car segment generated revenues of $433 million, down 7% year over year. Segmental revenues were flat excluding foreign currency impact. Total revenue per transaction day (RPD) dipped 2% to $42.56 million.
Segmental direct vehicle operating and selling, general and administrative costs (as a percentage of total segmental revenues) rose to 78% from 77% a year ago. Revenues from all other operations dropped 9% to $154 million.
Hertz Global Holdings, Inc Price, Consensus and EPS Surprise
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