Hertz Global Holdings Inc HTZ stock declined after it reported mixed fourth-quarter 2023 revenue growth of 7% Y/Y to $2.18 billion, beating the consensus of $2.16 billion. The topline performance reflected increased volume across leisure, corporate, and rideshare customer channels.
The car rental company reported an adjusted EPS loss of $(1.36), which missed the consensus loss of $(0.76).
Americas RAC segment revenues increased 6% Y/Y to $1.81 billion, and International RAC increased 15% Y/Y to $379 million. Transaction days rose 12% Y/Y.
Monthly revenue per unit fell by 7% Y/Y to $1,381, led by a 100-basis point decline in utilization and a Revenue Per Transaction Day decline of 4% Y/Y.
Average Vehicles increased by 11% Y/Y, and Average Rentable Vehicles increased by 13% for the quarter. Total RPD declined by 4% Y/Y to $58.09.
Adjusted Corporate EBITDA margin loss was (17)% as it reported a loss of $(382) million.
The company held cash and equivalents of $1.21 billion. Operating cash flow was $564 million.
Chair and CEO Stephen Scherr said, “Nevertheless, we continued to face headwinds related to our electric vehicle fleet and other costs throughout the quarter. We have taken steps to address those challenges and heading into 2024, we are confident that our planned reduction in EVs and cost base, along with the ongoing execution of our enhanced profitability plan, will enable us to regain our operational cadence and improve our financial performance with increasing effect into 2025.”
Price Action: HTZ shares are trading lower by 7.31% at $7.61 premarket on the last check Tuesday.
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