Hertz reported a smaller adjusted loss for the second quarter, with adjusted net loss narrowing to $47 million, or $0.11 per diluted share, from a loss of $91 million, or $0.29 per share, a year earlier. Revenue increased 10% year over year to $2.40 billion, while adjusted corporate EBITDA improved to $81 million, exceeding the upper end of the company's revised guidance. Revenue per unit rose 8% and revenue per rental day increased 9%, with vehicle utilization improving to 79%, or 81% excluding the impact of recalls. The company said elevated recall activity remained a major operational challenge, with nearly 15,000 vehicles affected on average, roughly three times more than the prior-year period, reducing GAAP net income by approximately $27 million and adjusted EBITDA by around $30 million. Hertz reaffirmed its full-year targets, expecting revenue per unit to exceed $1,500 and net depreciation per unit at or below $300, and ended the quarter with liquidity of $984 million.
Hertz Global Holdings IncAdjusted loss narrowed and revenue rose, with EBITDA beating guidance.
