Hertz Q3 revenue record $2.7B, but adjusted net income down 44% and EBITDA margin halved to 13%

HERTZ GLOBAL HOLDINGS, INC

2023-Q3 EPS reported $2.57 revenue$7,187,000,000

Revenue $2.7B (+8% YoY); GAAP net income $629M ($0.92 diluted EPS); adjusted net income $230M ($0.70 adjusted diluted EPS).
Adjusted Corporate EBITDA $359M (13% margin), down 42% from $618M (25% margin) a year ago; depreciation per unit +52% to $282.
Americas RAC revenue $2.172B (+6%) but adjusted EBITDA $302M (14% margin), down from $564M (28% margin); International RAC EBITDA $109M (21% margin).
Volume +16% YoY; vehicle utilization 83% (+320 bps); company repurchased $50M of common stock (3.0M shares) during the quarter.
Corporate liquidity $1.7B at quarter-end; operating cash flow $851M, adjusted free cash flow $313M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HERTZ GLOBAL HOLDINGS, INC reported the quarter ended September 30, 2023 results: revenue $2.7 billion, net income $629 million, EPS $0.92 per diluted share.

Period: the quarter ended September 30, 2023
Revenue: $2.7 billion
Net income: $629 million
EPS: $0.92 per diluted share
Result: reported results

Exact text from the filing

HERTZ REPORTS THIRD QUARTER 2023 RESULTS: REVENUE OF $2.7 BILLION, NET INCOME OF $629 MILLION AND ADJUSTED CORPORATE EBITDA OF $359 MILLION

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Source: SEC EDGAR

accession 0001657853-23-000154

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