Hertz Reports Quarterly Revenue of $2.1B
Total U.S. rental car revenues increased 7%, compared to the first quarter of 2018.
Photo courtesy of Hertz.
For the first quarter 2019, Hertz reported total revenues of $2.1 billion, a 2% increase versus the first quarter 2018.
Net loss attributable to Hertz Global was $147 million, or $1.75 loss per diluted share, compared to $202 million, or $2.43 loss per diluted share. The company reported adjusted net loss for the first quarter 2019 of $83 million, or $0.99 adjusted diluted loss per share, compared to $131 million, or $1.58, for the same period last year.
Adjusted corporate EBITDA was a negative $4 million, compared to negative $59 million.
Total U.S. rental car revenues increased 7%, compared to the first quarter of 2018. Transaction days grew 4%, driven by expanding volume to transportation network company drivers (TNC). Pricing, as measured by total revenue per transaction day, increased 2% in the quarter, and time and mileage pricing was up 4%, driven by high profit leisure categories and the TNC business year-over-year.
Total International rental car revenues decreased 7% year over year, and were flat on a constant currency basis. Volume was up 2%, driven by business and leisure growth in Asia Pacific.
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