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Hertz narrows loss in boon to company’s turnaround effort
['David Welch']
Transport Topics
A Hertz rental car location in Berkeley, Calif. (David Paul Morris/Bloomberg News)Key Takeaways: Hertz reported a second-quarter adjusted loss of 11 cents a share Aug. 6, beating analysts’ expected 24-cent loss and exceeding Ebitda estimates.
The results eased concerns after Hertz’s debt-and-stock fundraising maneuver and warning of used-car market softness, while depreciation per unit rose 18%.
Hertz said revenue per day increased 9%, and investors responded by sending shares up 11% in premarket trading.
Its adjusted loss narrowed to 11 cents a share in the second quarter, the company said Aug. 6 in a statement, compared with the 24-cent loss expected on average in analyst estimates compiled by Bloomberg.
Hertz on Aug. 6 said depreciation per unit per month rose 18% in the quarter, while revenue per day climbed 9%.