Welcome to our dedicated page for Hertz Global Holdings news (Ticker: HTZ), a resource for investors and traders seeking the latest updates and insights on Hertz Global Holdings stock.
Hertz Global Holdings, Inc. (NASDAQ: HTZ) is a global leader in vehicle rental and leasing services. Operating under the well-known brands Hertz, Dollar, Thrifty, and Firefly, the company offers diverse rental solutions spanning across more than 11,000 corporate and franchise locations in 140 countries, including North America, Europe, Latin America, Asia, Australia, Africa, the Middle East, and New Zealand.
Hertz is recognized as the largest worldwide airport general use car rental company with over 1,700 airport locations in the U.S. and more than 1,300 international airport locations. The company’s signature programs, such as Hertz Gold Plus Rewards, NeverLost® navigation, Carfirmations text alerts, and Mobile Wi-Fi, provide enhanced customer experiences. Unique vehicle offerings through the Adrenaline, Dream, Family, Fun, Green, and Prestige Collections further distinguish Hertz from competitors.
Beyond traditional car rentals, Hertz owns Donlen Corporation, a leading vehicle leasing and fleet management company. Additionally, it operates the Hertz 24/7 hourly car rental service and sells pre-owned vehicles via the Rent2Buy program. Hertz also manages one of the largest equipment rental businesses, Hertz Equipment Rental Corporation (HERC), which boasts over 355 locations.
Financially, Hertz Global Holdings has demonstrated resilience and adaptability. Recent updates include the hiring of Justin Keppy as Executive Vice President and Chief Operating Officer to drive operational efficiencies and growth. Under the leadership of CEO Stephen Scherr, Hertz continues to focus on cost management, fleet optimization, and enhancing customer service. In the latest quarter, Hertz reported record revenues, reflecting strong demand in leisure and rideshare segments. However, the company is addressing challenges related to fleet costs and operational expenses to maintain profitability.
Looking forward, Hertz is committed to shaping the future of mobility with ongoing investments in technology and infrastructure. The company’s strategic initiatives aim to deliver premium service while capitalizing on growth opportunities in the booming travel and automotive sectors.
Hertz Global Holdings reported Q3 2024 results with revenue of $2.6 billion, down 5% year-over-year. The company recorded a GAAP net loss of $1.3 billion, including a non-cash asset impairment charge of $1.0 billion. Adjusted net loss was $208 million, or $0.68 loss per diluted share. Vehicle depreciation increased significantly to $937 million, with DPU at $537. The company expects fleet rotation completion by end of 2025, targeting DPU normalization under $300. Corporate liquidity stood at $1.6 billion as of September 30, 2024.
Hertz Global Holdings (NASDAQ: HTZ) has announced it will release its third quarter 2024 financial results on Tuesday, November 12, 2024, at 8:00 a.m. ET. The company will host an earnings conference call at 9:00 a.m. ET on the same day. Investors can access the live webcast through the company's Investor Relations website, and a replay will be available for approximately one year. Participants are encouraged to register for the teleconference in advance and dial in fifteen minutes before the scheduled start time to avoid delays.
Hertz (NASDAQ: HTZ) has announced a 'Free Day on Election Day' promotion to help citizens access polling stations. Customers who reserve a car for at least two days between October 21 and November 5 at participating Hertz neighborhood locations will receive one day free. This initiative aims to address transportation challenges on Election Day and promote voter participation.
Henry Kuykendall, Hertz Executive Vice President of North America Operations, emphasized the company's commitment to facilitating voting access. To take advantage of the offer, customers must use PC code 211636 when making a reservation on Hertz.com. Additionally, Hertz is offering a holiday rental promotion with up to 35% off for customers who pay in advance.
SandRidge Energy (NYSE: SD) has announced significant changes to its Board and Management. Vincent Intrieri has been appointed as Chairman of the Board, effective October 1, 2024. Intrieri, the Founder and CEO of VDA Capital Management , brings extensive experience from his previous roles with Carl C. Icahn-related entities and various board positions.
Jonathan Frates will transition from his role as Chairman of the Board to become Executive Vice President and Chief Financial Officer, effective October 21, 2024. Frates has a background in investment management and has served on multiple boards.
Brandon Brown, Sr. will assume the role of Senior Vice President, Chief Accounting Officer. These changes aim to strengthen SandRidge's leadership team and position the company to execute its strategy, particularly following its recent Anadarko Basin acquisition.
Hertz Global Holdings (NASDAQ: HTZ) has announced the appointment of Lauren Fritts as Senior Vice President and Chief Communications Officer, effective September 30, 2024. Reporting to CEO Gil West, Fritts will oversee Hertz's global communications functions, focusing on strengthening brand narrative, enhancing communications, and leading corporate reputation.
Fritts brings nearly two decades of senior leadership experience in communications and marketing. Her most recent role was Chief Corporate Affairs and Marketing Officer at WeWork, where she led global strategy for corporate communications, brand development, and marketing initiatives. Previously, she served as Digital and Deputy Communications Director for Governor Chris Christie and spent nearly a decade as a producer in cable news.
Hertz Global Holdings, Inc. (NASDAQ: HTZ) has strengthened its Board of Directors by adding two new members, expanding from nine to eleven seats. Francis "Frank" Blake, former chairman and CEO of The Home Depot, and Lucy Clark Dougherty, senior VP and general counsel at Polaris Inc., have been elected as directors effective immediately.
Blake brings extensive experience from both the private sector and public service, including roles at General Electric and in various government departments. Clark Dougherty offers expertise in business transformation and strategy, with a background in the automotive industry and homeland security.
This move aligns with Hertz's strategy under new CEO Gil West to deliver sustainable growth and enhance operational performance across all aspects of the business, while focusing on an unmatched customer experience.
Hertz Global Holdings (NASDAQ: HTZ) reported Q2 2024 results with revenue of $2.4 billion and a GAAP net loss of $865 million. The company faced challenges, including a $706 million increase in vehicle depreciation due to fleet refresh acceleration. Key metrics include:
- Adjusted net loss: $440 million
- Adjusted Corporate EBITDA: -$460 million
- Corporate liquidity: $1.8 billion
- Revenue per Day (RPD) decline: 3%
CEO Gil West emphasized focus on sustainable returns and operational performance. Hertz raised $1 billion to support liquidity and fleet refresh, expecting to complete the process by end of 2025 with normalized depreciation per unit.
Hertz Global Holdings (NASDAQ: HTZ) announced several key executive appointments to boost profitability, operational excellence, and customer service. Sandeep Dube will join as EVP and Chief Commercial Officer on July 22, 2024, while Katherine Lee Martin becomes EVP, General Counsel, and Corporate Secretary. Other new appointees include Henry Kuykendall as EVP, North America Operations, Greg May as EVP, Fleet Management, and Mike Moore as EVP, Technical Operations. CEO Gil West emphasized the strengthened leadership team’s role in executing Hertz’s strategy for sustainable growth and value creation, fueled by recent capital raisings.
Hertz Global Holdings (NASDAQ: HTZ) announced it will release its Q2 2024 financial results on August 1, 2024, at 8:00 a.m. ET. The announcement will be followed by an earnings call at 9:00 a.m. ET, accessible via a live webcast on the company's Investor Relations page.
Participants can register for the call to get dial-in details and are encouraged to join fifteen minutes early to avoid delays. A replay of the webcast will be available on the company's website for one year.
Hertz Global Holdings (NASDAQ: HTZ) announced the upsize and pricing of a $1 billion offering, including $750 million in First Lien Senior Secured Notes and $250 million in Exchangeable Senior Second-Lien Secured PIK Notes.
The First Lien Notes, due 2029, bear a 12.625% interest rate, while the Exchangeable Notes also due 2029, bear an 8.000% interest rate. The proceeds will be used to reduce a $2 billion revolving credit facility.
The Exchangeable Notes are convertible into Hertz shares at an initial exchange price of $6.6252, a 89% premium over the June 20, 2024 stock price.
The offerings will close around June 28, 2024, subject to customary conditions.
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