Hertz's (HTZ) Q4 Loss Narrower Than Expected, Revenues Miss
Zacks Investment Research | Feb 24, 2020 10:41PM ET
Hertz Global Holdings (NYSE:HTZ) incurred a loss (excluding 59 cents from non-recurring items) of 24 cents per share in the fourth quarter of 2019, narrower than the Zacks Consensus Estimate of a loss of 25 cents. Moreover, the amount of loss decreased year over year.
Quarterly revenues of $2,326 million fell short of the Zacks Consensus Estimate of $2,340.6 million. However, the top line inched up 1.4% year over year, driven by an 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 $1,673 million, up 6.2% year over year. This upside can be attributed to favorable pricing and higher volumes.
Vehicle utilization decreased to 79% from 81% a year ago. Transaction days improved 2% year over year on the back of robust demand from growth initiatives in TNC and delivery rentals. Total revenue per transaction day (RPD) increased 4%. Adjusted EBITDA for the segment was flat year over year at $48 million.
Segmental direct vehicle operating expenses rose 2.1% to $1,019 million. Meanwhile, interest expenses jumped 15.2%. Also, selling, general and administrative expenses climbed 3.3% year over year.
Hertz Global Holdings, Inc Price, Consensus and EPS Surprise
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