Hertz posts wider than expected loss; shares dip after hours

Aug. 10, 2020 5:08 PM ETHertz Global Holdings, Inc. (HTZ)HTZBy: Stephen Alpher, SA News Editor7 Comments
  • Q2 adjusted loss per share for the company (currently undergoing Chapter 11 reorganization) was $3.51 vs. $2.23 consensus.
  • Revenue of $832M missed consensus of $942.3M, and was down 67% from a year ago.
  • Liquidity at quarter's end was $1.4B.
  • The company cut costs by 47% Y/Y in Q2, and expects to generate $2.5B in annualized savings over time.
  • CEO Paul Stone: "Our priority is fleet management. The continued strong used-car market allows us to continue to sell cars aggressively as we right-size the fleet to align with market realities."
  • HTZ -7.7% after hours to $1.56.

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