Overview
- Hertz reported Thursday that second-quarter revenue rose 10% to $2.40 billion, adjusted corporate EBITDA improved to $81 million and GAAP net income was $64 million, marking a clear improvement from a year earlier.
- The company said revenue per day rose 9% to $61.98 and revenue per unit climbed 8% as utilization improved to about 79%, signaling stronger pricing power and better operating spreads even with a slightly smaller fleet.
- Management disclosed that roughly 15,000 vehicles were affected by recalls on average and estimated those disruptions reduced GAAP net income by about $27 million and lowered adjusted EBITDA by roughly $30 million during the quarter.
- Hertz finished the quarter with about $984 million in liquidity and said recent exchangeable-note financings push pro forma liquidity above $1 billion, while management reaffirmed full‑year unit targets for revenue and depreciation and issued stronger near‑term EBITDA guidance.
- Shares jumped hard this week after the results, driven in part by roughly 30% short interest in the stock, and the company stressed its broader transformation into fleet-management, used-vehicle retail and mobility services as the path to more durable profits.