Hertz Global Holdings, Inc - HTZ STOCK NEWS

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.

Hertz Global Holdings reported strong second-quarter 2022 results, with total revenues reaching $2.3 billion, a 25% increase year-over-year. The company posted a GAAP net income of $940 million or $1.13 per diluted share, alongside an adjusted net income of $520 million, translating to $1.22 per adjusted diluted share. Adjusted Corporate EBITDA was recorded at $764 million, a record high. Notably, Hertz repurchased 46.9 million common shares during the quarter, enhancing shareholder value.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) will report its second quarter 2022 financial results on July 28, 2022, at 7:30 a.m. ET. An earnings call will follow at 8:30 a.m. ET, which can be accessed via a live webcast on the investor relations page of the Company's website. Hertz, a leader in vehicle rentals, operates several well-known brands globally including Hertz, Dollar, and Thrifty. Investors are encouraged to dial in early to avoid delays, and a web replay will be available for approximately one year.

Wheels Up Experience (NYSE: UP) has announced a strategic partnership with Hertz (NASDAQ: HTZ) to provide electric vehicle (EV) rentals to its members, enhancing their travel experience and commitment to sustainability. Members can access a range of high-end EVs, including Tesla and Polestar models, at over 111 private airports, with plans to expand to 500. The partnership includes elite Hertz Gold Plus Rewards membership benefits, such as vehicle upgrades and dedicated support. This initiative supports Wheels Up’s carbon offset program, aiming to reduce the carbon footprint for members.

Hertz has announced its sponsorship of a new Porsche 963 LMDh racecar set to compete in the 2023 FIA World Endurance Championship, including the prestigious 24 Hours of Le Mans. The partnership will run from 2023 to 2025, with JOTA managing team operations and Singer Group as a sponsor. CEO Stephen Scherr expressed excitement about this new chapter in Hertz's involvement with premium motorsports, emphasizing the company's goal to enhance mobility experiences. Further details about the racing team will be revealed soon.