Hertz Global Holdings, Inc. (HTZ) Q3 2024 Earnings Breakdown
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Description
Key Highlights: Net Loss: Hertz Global reported a net loss of $(1.332) billion for Q3 2024 compared to a net income of $629 million in Q3 2023. Revenue Decline: Total revenues decreased slightly to $2.576 billion in Q3 2024 from $2.703 billion in Q3 2023. Significant Impairment Charge: A Long-Lived Assets impairment charge of $1.048 billion significantly impacted the net loss in Q3 2024. Adjusted Corporate EBITDA: Despite the net loss, Adjusted Corporate EBITDA was $(157) million in Q3 2024, compared to $359 million in the prior year quarter. Share Repurchases Halted: The share repurchase program is temporarily suspended from April 16, 2024, through April 1, 2025, due to debt covenants. New CFO Appointment: Sandeep Dube was appointed as the new Executive Vice President and Chief Financial Officer, receiving a sign-on equity package and a promotional equity award.
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