Overview
- Hertz reported Q3 revenue of $2.48 billion and adjusted earnings of $0.12 per share, topping estimates.
- Shares spiked as much as about 40% intraday and finished Tuesday up roughly 36%.
- Short interest of about 43% highlighted squeeze risk and drew heightened retail trading attention on Reddit.
- Vehicle utilization exceeded 84% as depreciation ran $273 per unit per month and direct operating expenses fell 1% year over year.
- Quarter-end liquidity topped $2.2 billion as CEO Gil West cited disciplined execution, with net income at $184 million and adjusted EBITDA at $43 million.