- Hertz Global Holdings Inc (NASDAQ:HTZ) reported Q1 2023 revenue growth of 13% Y/Y to $2.05 billion, beating the consensus of $2.03 billion.
- Americas RAC segment revenues increased 11% Y/Y to $1.73 billion, and International RAC increased 25% Y/Y to $317 million.
- Transaction days rose 10% Y/Y, while the average fleet was up 5% Y/Y in Q1.
- Monthly revenue per unit rose 7% Y/Y to $1,409, led by 280-basis point improvement in utilization and strong pricing.
- Average Vehicles increased by 5% Y/Y, and Average Rentable Vehicles increased by 6% for the quarter. Total RPD rose 3% Y/Y to $60.48.
- Adjusted EPS of $0.39 beat the consensus of $0.21.
- Adjusted Corporate EBITDA margin contracted to 12% from 34% as the Adjusted Corporate EBITDA declined 61% Y/Y to $237 million.
- The company held cash and equivalents of $1.24 billion.
- Operating cash flow was $562 million. HTZ repurchased shares worth $100 million in Q1
- “Our continued investments in the business, particularly in the areas of technology and electrification, are improving our operational cadence, extending our reach in rideshare, and enabling the revitalization of our value brands, all with a view toward delivering sustainable returns for our shareholders. We look forward to serving our customers with excellence during the upcoming summer season,” said Stephen Scherr, chairman and CEO.
- Price Action: HTZ shares are trading higher by 2.15% at $15.48 on the last check Thursday.
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