Overview
- Hertz reported $2.48 billion in third-quarter revenue and adjusted earnings of $0.12 per share, beating estimates of $1.40 billion and $0.02, respectively.
- Shares surged in intraday trading, with reports ranging from a roughly 13% rise to about a 40% spike during the session.
- Total revenue declined 4% year over year as the company emphasized tighter cost control and operational discipline.
- Fleet performance improved to more than 84% vehicle utilization and $273 monthly depreciation per unit, while direct operating expenses fell 1% with per-day costs improving.
- The company ended the quarter with over $2.2 billion in liquidity, and executives scheduled a 9 a.m. ET investor call to discuss the results.