Hertz Stock Gains as 2Q Results Top Estimates on Turnaround Progress

Dow Jones08-07

Shares of Hertz Global Holdings rose after better-than-expected results in its latest quarter, with the company pointing to progress on its transformation strategy.

The stock gained 11% to $1.73 on Thursday. Shares are down 66% year to date.

The car rental company posted a second-quarter profit of $64 million, or 5 cents a share, compared with a loss of $294 million, or 95 cents a share, a year earlier.

Adjusted loss per share was 11 cents. Analysts polled by FactSet expected an adjusted loss of 24 cents a share.

Revenue rose 10% to $2.4 billion, topping analyst estimates of $2.27 billion.

The gain was led by 10% growth in the Americas. Internationally, revenue rose 7%.

Chief Executive Gil West said the results show the progress the company is making on its turnaround, with operational improvements across the business.

He said the period marked Hertz's strongest second quarter on record for RPD, a measure of revenue generated per transaction day, excluding a pandemic peak in 2022. The metric rose 9% in the quarter.

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