Hertz Boosts Q1 Revenue 40%

Hertz Global Holdings reported total revenues of $1.8 billion in the first quarter of 2022, a 40% spike over revenues of $1.3 billion in the first quarter of 2021. That also bests the $1.4 billion posted in the first quarter of 2020 but falls short of $2.1 billion in Q1 2019.

Earnings fared even better, as Hertz posted $614 million in adjusted corporate EBITDA — its best performance in the first quarter since 2007. Adjusted corporate EBITDA margin was 34%.

In the Americas segment — which experienced a quicker recovery from Omicron than International — Hertz saw even bigger revenue gains, increasing 61% over the first quarter in 2021. Average fleet size increased in the Americas to 397,620 units, a 32% gain over the first quarter of 2021. Transaction days increased 26% in the period, while total revenue per unit (RPU) per month increased to $1,391, a 28% spike in the quarter over 2021.

The International segment grew in each metric as well, though the gains weren’t as pronounced.

In his first quarterly investor’s call, Stephen Scherr, Hertz CEO chief executive officer pointed to “a sharp rebound in travel” that drove high volumes and sustained pricing, particularly in the back half of the quarter following Omicron.

In terms of its progress fleeting electric Teslas, Hertz has launched in over 30 markets with over one thousand Level 2 chargers installed. Hertz reported 80% utilization on those Teslas, though did not report its EV fleet size.