Hertz's Q4 2023 Results: Demand & Challenges

Hertz's Fourth Quarter and Full Year 2023 Results overview

Hertz reported solid demand and stable rates in the fourth quarter but faced challenges from electric vehicle fleets and costs, with plans to reduce EVs and improve profitability in 2024.

Important details from the source

• "Our business benefitted from solid demand and a stable rate environment in the fourth quarter," said Stephen Scherr, Hertz chair and chief executive officer.
• "Nevertheless, we continued to face headwinds related to our electric vehicle fleet and other costs throughout the quarter.
• 6, 2024 /PRNewswire/ — Hertz Global Holdings, Inc.
• (NASDAQ: HTZ) ("Hertz", "Hertz Global" or the "Company") today reported results for its fourth quarter and full year 2023.
• GAAP net loss of $348 million, a negative 16% margin, or $1.14 loss per diluted share.
• Adjusted net loss of $418 million, or $1.36 loss per diluted share.
• Adjusted Corporate EBITDA of negative $382 million, a negative 17% margin, including recognition of $245 million of net depreciation expense related to the previously announced sale of electric vehicles ("EV").
• Adjusted operating cash outflow of $366 million and adjusted free cash outflow of $128 million.
• GAAP net income of $616 million, a 7% margin, or $1.39 per diluted share.
• Adjusted net income of $172 million, or $0.53 per diluted share.

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