Hertz Global Holdings Inc.’s stock tumbled 7% early Tuesday to put it on track for its lowest close since emerging from bankruptcy in July of 2021, after the car rental company posted a wider-than-expected fourth-quarter loss. As expected, Estero, Fla.-based Hertz
HTZ,
-5.63%
booked $245 million of charges relating to plans to reduce its electric vehicle fleet, a move it had pre-announced in January.
Hertz swung to a loss of $348 million, or $1.14 a share, for the quarter, after income of $116 million, or a loss of 1 cent a share, in the year-earlier period. The company’s adjusted per-share loss came to $1.36, wider than the $1.05 loss per-share FactSet consensus. Revenue rose to $2.184 billion from $2.035 billion, just ahead of the $2.154 billion FactSet consensus. Chief Executive Stephen Scherr said the business was buoyed by solid demand and a stable rate environment in the quarter. “Nevertheless, we continued to face headwinds related to our electric vehicle fleet and other costs throughout the quarter,” he said in a statement. The company said in January it planned to sell about 20,000 electric vehicles from its fleet, or about one-third of the total, in another sign that the EV revolution is stalling amid weak demand from consumers. The move is aimed at be …
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HTZ,
-5.63%
booked $245 million of charges relating to plans to reduce its electric vehicle fleet, a move it had pre-announced in January.
Hertz swung to a loss of $348 million, or $1.14 a share, for the quarter, after income of $116 million, or a loss of 1 cent a share, in the year-earlier period. The company’s adjusted per-share loss came to $1.36, wider than the $1.05 loss per-share FactSet consensus. Revenue rose to $2.184 billion from $2.035 billion, just ahead of the $2.154 billion FactSet consensus. Chief Executive Stephen Scherr said the business was buoyed by solid demand and a stable rate environment in the quarter. “Nevertheless, we continued to face headwinds related to our electric vehicle fleet and other costs throughout the quarter,” he said in a statement. The company said in January it planned to sell about 20,000 electric vehicles from its fleet, or about one-third of the total, in another sign that the EV revolution is stalling amid weak demand from consumers. The move is aimed at be …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]