Hertz Global Holdings, Inc - HTZ STOCK NEWS

The newly formed Hertz Team JOTA will compete in the 2023 FIA World Endurance Championship, including the prestigious 100th edition of Le Mans 24 Hours. The team is sponsored by Hertz and Singer Group, with BRADY™ as the Official Apparel Partner. Hertz's CEO, Stephen Scherr, highlighted the sponsorship as a return to premium motorsports, emphasizing innovation and collaboration. The Hertz Racing Gold livery celebrates the centenary of Le Mans. The team boasts a strong foundation with 10 podiums in the last nine years in LMP2 and will debut at the 1000 miles of Sebring in Florida on March 17, 2023.

Hertz reported a strong fourth quarter and record full-year results for 2022, reflecting recovery in travel demand. Total revenues for Q4 were $2.0 billion, up 4% year-over-year. Adjusted net income was $173 million, with adjusted earnings per share at $0.50. The company generated $277 million in operating cash flow, with adjusted free cash flow of $424 million, a 137% conversion from Adjusted EBITDA. In FY 2022, Hertz achieved record revenues of $8.7 billion and a net income of $2.1 billion or $3.36 per share. Hertz plans to invest in electrification and technology to enhance operational efficiency and customer experience.

Hertz and AAA have extended their partnership, marking 45 years of collaboration with a new five-year agreement signed on January 25, 2023. This long-standing alliance offers AAA members exclusive car rental benefits, including discounts, waived fees for young renters, and access to the Hertz Gold Plus Rewards® loyalty program. Both companies aim to enhance member satisfaction by aligning on strategic initiatives and expanding offerings, particularly in electric vehicle rentals, which are becoming increasingly popular. Hertz CEO Stephen Scherr emphasized the commitment to superior service through this partnership.

On January 19, 2023, Hertz (NASDAQ: HTZ) announced the launch of Hertz Electrifies, a public-private partnership aimed at promoting electric vehicles (EVs) and enhancing community benefits. This initiative, starting in Denver, Colorado, will introduce up to 5,200 rental EVs and improve charging infrastructure at the Denver International Airport and local Hertz locations. With a focus on job creation and community engagement, Hertz plans to share telematics data to aid in charging infrastructure planning, provide summer job opportunities for youth, and partner with local organizations on training programs. Mayor Michael B. Hancock emphasized the importance of this partnership for reducing carbon emissions and generating economic opportunities.

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%.