Welcome to our dedicated page for Hertz Global Hld news (Ticker: HTZ), a resource for investors and traders seeking the latest updates and insights on Hertz Global Hld stock.
Hertz Global Holdings, Inc. reports news on its vehicle rental and mobility operations, including the Hertz, Dollar, Thrifty and Firefly rental brands, Hertz Car Sales, and Hertz 24/7 car sharing in Europe. Company updates commonly cover rental demand, fleet rotation, revenue per unit, revenue per day, depreciation trends, used-vehicle sales channels and customer-service initiatives across its Americas and international rental operations.
Hertz news also includes partnerships and platform expansion in mobility services. Recent themes include digital retail for near-new vehicles, premium fleet additions, rideshare and fleet-management partnerships, and Oro Mobility, an affiliated operating company focused on integrated fleet solutions for driver-led and autonomous mobility models.
Hertz Global Holdings (NYSE: HTZ) announced the resignation of CFO Jamere Jackson, effective September 11, 2020. He will assist in the transition. R. Eric Esper has been promoted to CFO, while Kenny K. Cheung takes on a new role as Chief Operational Finance and Restructuring Officer. Both executives have significant experience, with Esper previously serving as Senior Vice President and Chief Accounting Officer since 2018, and Cheung having held various roles at Nielsen and GE. Hertz aims to leverage this leadership to navigate the ongoing challenges posed by the pandemic and its bankruptcy process.
Hertz Global Holdings reported Q2 2020 results with revenue of $832 million, a 67% decline year-over-year, and a net loss of $847 million. Adjusted Corporate EBITDA was negative $587 million, with liquidity at $1.4 billion.
Despite severe impacts from the pandemic, the company reduced operating expenses by 47% and experienced sequential revenue improvements in May and June. A strong used-car market is allowing Hertz to aggressively sell fleet vehicles. The company is currently undergoing Chapter 11 reorganization to enhance its financial stability and future growth prospects.