After a string of recent announcements, deals, and leadership changes, Hertz’s finanial results are also showing the company’s upward trajectory.
Image via Hertz
Hertz Global Holdings announced its financial results for the third quarter of 2021, which include total revenues of $2.2 billion.
Hertz’s announcement on Oct. 28 says the results reflect the continued rebound in leisure travel and tight fleet inventory.
Volume was lower compared to 2019 levels. Adjusted corporate EBITDA saw a record $860 million, as well as a record 39% margin for the third quarter after restructuring. Importantly, top- and bottom-line results were not meaningfully impacted in an incremental manner by the Delta variant, the announcement notes.
Courtesy of Hertz
“Hertz delivered another solid quarter, which puts us in a position of strength as we create the new Hertz and lead the future of mobility and travel,” said Mark Fields, Hertz’s interim CEO. “We see the opportunity for profitable growth by building on our iconic brand and global fleet management expertise, and combining it with new technology and new investments in electrification, shared mobility, and a digital, customer-first experience.”
Results for Hertz’s Americas group for the third quarter 2021 reflect upward pricing trends, positive momentum in domestic travel, and industry-wide fleet constraints.
Internationally, global travel constraints affected rental car results. International RAC adjusted EBITDA was $78 million, nearly closing the gap to the third quarter 2019 level.
Hertz forecasts the following for Q4:
Courtesy of Hertz