Hertz Global Holdings, Inc - HTZ STOCK NEWS

Hertz Global reported strong first-quarter 2023 results, with total revenues reaching $2.0 billion, a 13% increase year-over-year. The company achieved a GAAP net income of $196 million ($0.61 per diluted share) and an adjusted net income of $126 million ($0.39 per adjusted diluted share). Operating cash flow was strong at $562 million, although adjusted free cash outflow was $83 million due to fleet expansion investments. The company's liquidity stood at $2.2 billion, with $728 million in unrestricted cash. Hertz repurchased 5.7 million shares for $100 million during the quarter. Despite positive revenue growth, adjusted EBITDA saw a decline of 61% to $237 million due to increased fleet depreciation and other factors.

Hertz and Atlanta Mayor Andre Dickens have launched a public-private partnership called Hertz Electrifies Atlanta, aimed at expanding electric vehicle (EV) rentals and infrastructure in the city. The initiative includes adding up to 4,000 EVs from brands like GM, Tesla, and Polestar, enhancing the rental fleet available for leisure and business customers, as well as rideshare drivers. Hertz will also work with bp to install public fast chargers near Hartsfield-Jackson Atlanta International Airport. Additionally, partnerships with Atlanta College and Career Academy aim to provide EV education and training to students, aligning with the city's goal to achieve 100% clean energy by 2035. This initiative is part of Hertz's strategy to develop the largest EV rental fleet in North America, promoting environmental sustainability and economic growth.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) will release its Q1 2023 financial results at 7:30 a.m. ET on April 27, 2023, followed by an earnings call at 8:30 a.m. ET. The earnings call will be accessible via a live webcast on the company's Investor Relations page. Participants can also join the call by registering and obtaining dial-in details. Hertz operates major vehicle rental brands globally, including Hertz, Dollar, and Thrifty, and is recognized as one of the world's largest rental vehicle companies.

Hertz Global Holdings has appointed Alexandra Brooks as interim Chief Financial Officer effective April 1, 2023. She succeeds Kenny Cheung, who will leave to pursue another opportunity but will assist in the transition until April 14, 2023. Hertz is actively seeking a permanent CFO. The transition marks a significant leadership change as the company focuses on its strategic priorities to enhance shareholder value.

Hertz has launched the Hertz Electrifies initiative in Houston, aiming to enhance the availability of electric vehicles (EVs) and charging infrastructure. In partnership with bp and local organizations, Hertz plans to introduce over 2,100 rental EVs, nearly tripling its fleet in the area. The initiative supports the Houston Climate Action Plan to reduce emissions and improve air quality. A fast-charging hub will also be established at Houston Hobby Airport. This partnership emphasizes community engagement and aims to provide education and job opportunities in the EV sector while contributing to Houston's goal of becoming a net-zero city by 2050.

On March 3, 2023, Hertz (NASDAQ: HTZ) and Denver Mayor Michael Hancock launched Hertz Electrifies at Montbello Career and Technical High School, focusing on electric vehicle (EV) education and job training. Hertz plans to introduce up to 5,200 rental EVs, including models from Tesla and GM, while enhancing charging infrastructure in Denver alongside bp.

The initiative aims to create economic opportunities through job training, and Hertz also donated an EV to the school. This partnership reflects Hertz's commitment to electrification and addressing workforce needs in the evolving transportation landscape.