Car Rental Service Hertz Gets Boost From Americas, International RAC Performance
Portfolio Pulse from Anusuya Lahiri
Hertz Global Holdings Inc reported Q3 2023 revenue growth of 8% Y/Y to $2.703 billion, beating consensus estimates. However, the company's adjusted EPS of 70 cents missed the consensus of $0.76. Revenues from Americas RAC segment and International RAC increased by 6% and 17% respectively. The company also saw growth in its rideshare business. Despite these, HTZ shares are trading lower by 14.4%.
October 26, 2023 | 3:18 pm
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Hertz reported Q3 2023 revenue growth of 8% Y/Y, beating estimates, but its adjusted EPS missed the consensus. Despite revenue growth and expansion in rideshare business, HTZ shares are trading lower.
Hertz's revenue growth and expansion in rideshare business are positive signs. However, the miss on EPS and the subsequent drop in share price indicate that the market was expecting better earnings performance.
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