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Losses Deepen for Hertz
Car rental giant Hertz Global Holdings Inc. says its net loss from continuing operations in the fourth quarter last year widened to $438 million from $37 million in red ink during the same period in 2015.
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Car rental giant Hertz Global Holdings Inc. says its net loss from continuing operations in the fourth quarter last year widened to $438 million from $37 million in red ink during the same period in 2015.
Revenue in October-December dipped 1% to $2.0 billion. Adjusted earnings before interest, taxes, depreciation and amortization shrank to $12 million from $94 million.
For the full year, Hertz’s net loss from continuing operations swung to a $474 million loss from a $115 million profit in 2015. Revenue dropped 2% to $8.8 billion. Adjusted EBITDA fell 36% to $553 million.
Hertz blames its woes on “fleet and service” issues. The company says it is addressing those problems by upgrading the quality and mix of its rental fleet and introducing a new plan to help customers “get the cars they want, when they want them.”
Now on its third CEO in three years, Hertz wrote down the value of its Dollar Thrifty brand and its rental operations in Europe by $120 million and $172 million, respectively, last year.
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