Hertz Fails to Meet its Latest Forecast
With third-quarter net income falling to $17.7 million, the company started programs to reduce employee headcount by about 1,400 and to close 80 net locations.
Hertz Global Holdings Inc said on Nov. 5 that reduced demand means it won't meet its latest forecast. The company said third-quarter net income fell to $17.7 million, and suspended estimating earnings until the economy improves.
Chairman and CEO Mark Frissora said in a statement that in September the company started programs to reduce employee headcount by about 1,400 and to close 80 net locations.
Revenue dropped 1.1 percent to $2.4 billion. Car rental revenue for the quarter rose 0.2 percent to $2.0 billion while equipment rental revenue fell 6.8 percent to $433.1 million.
The company recently increased prices in major car and equipment rental markets. Hertz said it ended the third quarter with total debt of $12.8 billion.
More Rental Operations
Brazilian Executive MBA Targets Growing Domestic Rental Car Industry
Rental car companies face a unique combination of challenges that are rarely addressed in traditional programs.
Read More →
Green Motion Expands Into Japan With Master Franchise Agreement
Japan's tourism industry, business travel market, and demand for vehicle rental services are reasons the country represents an important market for the company.
Read More →
ACRA Carrying Fuller Industry Load As AI and EVs Lurk In Future
The leading car rental professional business group details an active legislative, regulatory, and macro-trends agenda affecting car rental operators.
Read More →
World Cup Travel Data Shows Longer Car Rentals and More One-Ways
A recent analysis of FIFA bookings found varied demand patterns that influenced rental car pricing.
Read More →
A Leveling Force: AI Morphs Into A Rental Car Profit-Seeker
Revenue managers can’t match the emerging AI tools gobbling lots of data that could counter the competitive race to the rate bottom.
Read More →
Stop Losing Money On Rental Tolls
Regardless of your rental fleet size and structure, fleet managers, executives, and owners can gain valuable insights into an often-overlooked area of fleet operations.
Read More →
Rethink The Future To Avert A Race To The Bottom
Rental car operators heard a sobering industry message and a stern challenge at the close of the International Car Rental Show.
Read More →
DriveItAway, Free2move Plan Shared Fleet Program for Independent Rental Fleet Operators
Vehicles would be placed with participating rental operations to support car renter demand and provide additional fleet capacity.
Read More →
Stellantis Recalls 1.3 Million Jeep Vehicles Worldwide Over Fire Risk
Stellantis is recalling more than 1.3 million Jeep Wrangler and Gladiator models worldwide over a fire risk linked to power steering pump wiring.
Read More →
Green Motion And U-Save Open Rental Operations In Guatemala
The brands will open their first rental car outlets in the country at La Aurora International Airport in Guatemala City.
Read More →