Hertz Slides Despite Earnings, Revenue Beat
2022.04.27 23:37
By Sam Boughedda
Investing.com — Hertz Global Holdings (OTC:HTZGQ) Inc (NASDAQ:HTZ) reported first-quarter earnings after the close Wednesday, beating analyst estimates.
The car rental firm announced adjusted earnings per share of 87 cents on revenue of $1.8 billion. Analysts polled by Investing.com anticipated EPS of 82 cents on revenue of $1.76 billion.
Monthly revenue per unit rose 26%, with the company putting it down to structural improvements and a continued recovery in travel demand.
“Our team delivered on behalf of customers amidst strong demand, reflecting a sharp rebound in travel. We experienced high volumes and sustained pricing, particularly in the back half of the quarter following Omicron. We also maintained cost discipline and began to see the benefits of several new partnerships,” said Stephen Scherr, Hertz’s chief executive officer.
Hertz stock dipped around 7% immediately after the release. However, it is now down 4.4% after-hours.
