Hertz Global Holdings Inc (NASDAQ:HTZ) reported second-quarter financial results before the market open on Thursday. Here's a look at the key metrics from the quarter.
What Happened: Hertz reported second-quarter revenue of $2.4 billion, missing the consensus estimate of $2.46 billion, according to estimates from Benzinga Pro. The company reported an adjusted earnings loss of $1.44 per share, missing analyst estimates for a loss of 90 cents per share.
Operating cash flow was $546 million in the quarter. The company said it generated adjusted free cash flow of $553 million.
Corporate liquidity was $1.8 billion as of June 30 after the company raised $1 billion during the quarter to bolster liquidity and de-risk its fleet refresh.
"We're moving quickly with a best-in-class leadership team, a strategy laser-focused on delivering sustainable returns and elevating our operational performance across the business," said Gil West, CEO of Hertz.
"We are at an exciting inflection point in our path to generate greater value for our customers, employees and shareholders – and I am more confident than ever in our plan, our team and the road ahead."
Adjusted corporate EBITDA was negative $460 million in the quarter compared with positive adjusted corporate EBITDA of $347 million in the prior year quarter. The decrease was due mainly to increased vehicle depreciation. Hertz said vehicle depreciation increased $706 million compared to the prior year's quarter, primarily due to a decline in future and current residual values.
Hertz noted that it expects to substantially complete its fleet refresh by the end of 2025.
A conference call to discuss these results kicked off at 9 a.m. ET.
HTZ Price Action: Hertz shares were down 4.4% at $3.90 at the time of publication, according to Benzinga Pro.
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