Hertz Global Holdings Inc (NASDAQ:HTZ) shares are moving higher Thursday after the company reported better-than-expected financial results for the second quarter.
- Q2 Revenue: $2.19 billion, versus estimates of $2.18 billion
- Q2 Adjusted Loss: 34 cents, versus estimates of 38 cents
Total revenue declined 7% on a year-over-year basis. Vehicle depreciation per unit per month was $251. The company said last quarter that it was targeting less than $300 of depreciation per unit in the second quarter.
Hertz said it achieved positive adjusted corporate EBITDA for the first time in nearly two years due to disciplined fleet management, operational efficiency and cost management measures. The company ended the period with over $1.45 billion in liquidity.
“Our transformation is taking hold. Through smarter fleet management, improved utilization, enhanced customer experience, disciplined cost control, and the hard work of our people, it’s clear our strategy is working,” said Gil West, CEO of Hertz.
“We’re building a stronger, more resilient Hertz – one that’s operationally sound, financially disciplined, and positioned to lead in the future of mobility.”
Vehicle utilization reached 83% in the second quarter. Hertz noted that close to 80% of its core U.S. rental fleet is less than a year old. The company’s retail vehicle sales volume was the highest its been in five years.
HTZ Price Action: Hertz shares were up 9.9% at $6.12 at the time of publication Thursday, according to Benzinga Pro.
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