Hertz Global Holdings Inc. reported a $348 million net loss in the fourth quarter of 2023, a stark contrast to the net income of $116 million in the same quarter the previous year. The car rental company's stock price fell nearly 6% to a record low following the announcement. Hertz cited high repair costs and a decrease in the residual value of its electric vehicle (EV) fleet, particularly its Tesla vehicles, as key factors contributing to the loss. Despite selling down one-third of its EV fleet, the company saw its interest expense per vehicle soar to $91, up from $55 in the same quarter the previous year. Hertz CEO stated that the company faced headwinds related to the EV fleet and other costs throughout the quarter but is taking steps to address these challenges. The company's revenue did rise by 7% to $2.2 billion, and after the initial drop, Hertz shares managed to bounce off the record low.
What is your most unpopular CFB take that you strongly believe in?
what's your chess hot take? 👀 https://t.co/xCrKF1E5kZ
Why are futures up this morning? Wrong answers only.
what are some egregious lies that everyone believes is a truth? I’ll go first: “Snap is a technology company”
Hertz shares regain traction after wider-than-expected Q4 loss https://t.co/yT1fIduENa https://t.co/I5TAcfnkkI
Hertz went all in on Tesla — and is paying the price https://t.co/8vfNDCyQnJ by @Pras_S
Hertz says that its interest expense in the fourth quarter of 2023 soared to $91 a vehicle, up from just $55 a vehicle in Q4 2022
Hertz reported a $348 million net loss during the fourth quarter, compared to net income of $116 million in the year ago quarter after its decision to sell one third of its EV fleet
Be kind, but... What preseason predictions, game picks, or general takes were we (Ty/Dan) most *WRONG* about this year?
Be kind, but... What preseason predictions, game picks, or general takes were we most *WRONG* about this year?
Hertz Global shares bounce off record low after wider-than-expected Q4 loss https://t.co/UVUr4FlMvW https://t.co/857spUQZP4
Hertz (HTZ) blames EVs for Q4 earnings miss as stock price rises anyways https://t.co/JeOQtPQ85F by @EVPeteJohnson
anyone know why hertz $HTZ is up? lol
⚠️ HERTZ GLOBAL SHARES HIT RECORD LOW AFTER WIDER-THAN-EXPECTED Q4 LOSS (Reuters) Shares of Hertz Global fell nearly 6% to a record low in early trading on Tuesday after the car rental giant reported a bigger-than-expected fourth quarter loss. Hertz's revenue rose 7% to $2.2… https://t.co/Zttljgcgif
Hertz shares on track for record low after wider-than-forecast loss https://t.co/ZhUq1A5kKI
$HTZ (-9.0% pre) Hertz’s stock heads for record low after car rental company’s loss was wider than expected - MW https://t.co/Zfw5om6H1X
Hertz CEO: "...we continued to face headwinds related to our electric vehicle fleet & other costs throughout the quarter. We have taken steps to address those challenges & heading into 2024, we are confident that our planned reduction in EVs and cost base..." $HRTZ: -10.4% AH https://t.co/13W4dBurhR
Hertz misses analyst estimates in the fourth quarter as it sold down its fleet of Tesla electric vehicles citing high repair costs and a drop in residual value https://t.co/MSUmKVgh00
Hertz’s stock slides 6% after posting wider-than-expected loss amid continued headwinds from EVs https://t.co/Nreo1atjO3
Got a hot take before the season starts? Let us know in the comments 🔥 https://t.co/Eg9RLXZG24