Hertz sees losses widen in first quarter

8th May 2018
Hertz sees losses widen in first quarter

Car rental giant Hertz has reported a first quarter loss before income taxes of $231 million.

The figure compares to a loss of $294 million in the same period last year.

The first quarter net loss was $202 million, or $2.43 loss per diluted share, compared with a net loss of $223 million during the first quarter 2017, or $2.69 loss per diluted share.

Total revenues for the period were $2.1 billion, an eight per cent increase versus the first quarter 2017

“We entered 2018 a stronger company than one-year ago with positive underlying revenue momentum as our strategies to enhance fleet, customer service and brand value are gaining traction,” said Kathryn Marinello, president and chief executive officer of Hertz.

“At the same time, we have fortified our leadership team and are managing our assets more effectively.

“The early progress is motivating for our employees and being recognised by our customers.

“But we still have work to do, reflecting the significant opportunities in front of us, as we position our business for sustainable, long-term growth.”