Hertz Reports Narrower-Than-Expected Adjusted Loss

Hertz Global Holdings reported a smaller fourth-quarter loss, and a narrower-than-expected adjusted loss, on 1.4% higher revenue.
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Hertz Global Holdings  (HTZ) - Get Report reported a smaller fourth-quarter loss, and a narrower-than-expected adjusted loss, on 1.4% higher revenue.

The Estero, Fla., rental-car icon posted a loss of 83 cents a share, compared with a loss of $1.05 a share in the year-earlier quarter. On an adjusted basis, the loss was 24 cents a share, half the year-earlier 48 cents.

Shares outstanding climbed 48% to 142 million, reflecting a rights offering last June.

Revenue reached $2.33 billion from $2.29 billion.

Hertz Q4 Earnings graphic

Analysts surveyed by FactSet were expecting the company to post an adjusted loss of 27 cents a share on revenue of $2.34 billion.

U.S. revenue per day "was up 4% as pricing improved across all brands, in both business and leisure categories, and in on- and off-airport rentals," Hertz said in a statement.

Vehicle utilization was hurt "by a significant number of units on safety recall" compared with a year earlier "and the continued ramp up of trucks and vans to meet future demand for delivery rentals."

At last check Hertz shares were trading down 3.7%. They closed the regular session on Monday down 4.4% at $19.36.