Hertz Global Holdings, Inc. (HTZ), a leading vehicle rental firm, disclosed its financial results for the third quarter on Tuesday, reporting a significant net loss of $1.33 billion, or $4.34 per share. This contrasts sharply with the previous year's net income of $629 million, or $0.92 per share.
The latest results were heavily impacted by a substantial non-cash asset impairment charge of $1.0 billion. This charge primarily stems from a reduction in fleet residual values observed over the past year. When excluding these items, the adjusted loss per share was $0.68, compared to an adjusted income of $0.70 per share in the same quarter of the previous year.
Industry analysts, on average, projected a loss of $0.50 per share for the quarter, according to data compiled by Thomson Reuters. It is important to note that these forecasts generally exclude special items.
Hertz's total revenue for the quarter fell by 5 percent, reaching $2.58 billion, a drop from last year's $2.71 billion for the same period. Analysts had anticipated revenue figures of approximately $2.70 billion for the quarter.
