Hertz Global Holdings, Inc - HTZ STOCK NEWS

The Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced significant changes to its Board of Directors on January 18, 2023. Michael Gregory O'Hara, the current Chair, is stepping down, with CEO Stephen Scherr taking over as Board Chair. New independent directors Fran Bermanzohn and Jeffrey Nedelman will join the Board, increasing its size to ten members, with eight being independent. This leadership transition aims to bolster Hertz's strategic direction towards shared mobility, electrification, and a digital-first customer experience, building on the progress made since Scherr's appointment as CEO.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) will report its fourth quarter 2022 financial results on February 7, 2023, at 7:30 a.m. ET. Following the report, an earnings call will take place at 8:30 a.m. ET. Investors can access the call via a live webcast on the Investor Relations page of the Company’s website. Participants are encouraged to join 15 minutes early to avoid delays. Hertz operates major vehicle rental brands globally, including Hertz, Dollar, and Thrifty, making it one of the largest rental companies in the world.

Hertz Global Holdings (NASDAQ: HTZ) has appointed Wayne Davis as Executive Vice President and Chief Marketing Officer, effective January 3, 2023. Davis, with over 20 years of marketing experience, previously led the Café brand for GE Appliances, significantly increasing its growth. His focus will be on enhancing marketing strategies for Hertz, Dollar, and Thrifty brands. CEO Stephen Scherr expressed confidence in Davis's abilities to drive brand transformation through electrification and digital initiatives.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced the settlement of 364 claims related to vehicle theft reporting, resolving over 95% of pending claims. The total payout is approximately $168 million, expected to be completed by year-end 2022. Hertz anticipates recovering a significant portion of these costs through insurance. CEO Stephen Scherr emphasized a commitment to customer service and future initiatives in electrification and shared mobility. The settlement is not expected to materially impact capital allocation plans for 2022 and 2023.

Hertz reported strong Q3 2022 results, with total revenues reaching $2.5 billion, marking a 12% increase year-over-year. The GAAP net income stood at $577 million, or $1.33 per diluted share, while adjusted net income was $410 million or $1.08 per adjusted diluted share. Operating cash flow was $932 million, and adjusted free cash flow was $505 million, enabling a $500 million share repurchase. Despite challenges from Hurricane Ian, Hertz demonstrated operational excellence with a fleet utilization of 81.4%.

Hertz (NASDAQ: HTZ) has partnered with Palantir Technologies (NYSE: PLTR) to enhance operational efficiency and customer experience through data-driven insights. This multi-year collaboration will modernize Hertz's technology platforms, focusing on electrification and shared mobility. By utilizing Palantir's Foundry operating system, Hertz aims to manage its fleet of nearly 500,000 vehicles more effectively. Initial results show reduced vehicle downtime and quicker rentals. The partnership highlights Hertz's commitment to innovation in electric mobility.

Hertz has announced a commitment of $1 million to support recovery efforts in Southwest Florida following Hurricane Ian. This includes a $500,000 contribution to the Florida Disaster Fund and $150,000 to Collaboratory's Emergency Relief Fund. Additionally, the company is providing $350,000 in grants to employees in severely impacted areas. Hertz aims to assist both the local community and its employees as they work to rebuild after the hurricane's devastating impact.

Hertz Global Holdings (HTZ) will report its Q3 2022 financial results on October 27, 2022, at 7:30 a.m. ET, followed by an earnings call at 8:30 a.m. ET. Investors can access the live webcast on the company's Investor Relations page. Hertz operates well-known vehicle rental brands globally and is one of the largest rental companies in the world. The upcoming earnings report is highly anticipated by investors, as it may provide insights into the company's performance and strategic direction.

Hertz and General Motors have announced a landmark agreement for Hertz to order up to 175,000 electric vehicles (EVs) over the next five years, marking a significant expansion in EV offerings. The deal includes vehicles across various categories, such as Chevrolet, Buick, GMC, Cadillac, and BrightDrop. Deliveries of the Chevrolet Bolt EV and Bolt EUV are expected to start in Q1 2023. Hertz aims for 25% of its fleet to be electric by the end of 2024, potentially saving 3.5 million metric tons of CO2 emissions.