Hertz posts $865M GAAP net loss in Q2 2024; adjusted EPS -$1.44

HERTZ GLOBAL HOLDINGS, INC

2024-Q2 EPS reported -$3.44 revenue$4,433,000,000

Revenue $2.353B (-3% YoY); GAAP net loss $865M ($2.82 diluted loss per share) vs $139M profit year ago.
Adjusted net loss $440M ($1.44 adj. diluted loss per share) vs $227M adj. profit in Q2 2023.
Adjusted Corporate EBITDA negative $460M (-20% margin) driven by $706M increase in vehicle depreciation.
Depreciation per unit per month (DPU) rose to $600 from $197; expects DPU to normalize in low $300s after fleet refresh by end 2025.
Raised $1B during quarter to bolster liquidity; corporate liquidity $1.8B at June 30, 2024.

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