Struggle For Hertz Continues As Stock Loses 23% - Here's Why
Portfolio Pulse from Shivani Kumaresan
Hertz Global Holdings, Inc (NASDAQ:HTZ) reported a 23% drop in stock price after announcing Q1 FY24 results. Despite a sales growth of 1.6% to $2.08 billion, surpassing analyst expectations, the company faced a decline in total revenue per day and missed adjusted EPS estimates. The decrease in stock price reflects concerns over fleet and operating costs, despite improvements in vehicle supply and operating efficiencies.
April 25, 2024 | 2:54 pm
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Hertz's stock price fell 23% following its Q1 FY24 earnings report, which showed a slight sales growth but a miss on adjusted EPS expectations.
The significant drop in Hertz's stock price is directly attributed to its Q1 FY24 earnings report. Despite beating sales growth expectations, the company's adjusted EPS missed analyst estimates, and concerns over fleet and operating costs were highlighted. These factors are critical for investors, impacting the stock's short-term performance negatively.
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