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Aug. 9, 2021, 8:04 a.m. EDT

Hertz reports adjusted profit and sales that more than doubled, in 1st report since emerging from bankruptcy

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By Tomi Kilgore

Hertz Global Holdings Inc. reported Monday second-quarter that mroe than doubled from a year ago, citing strong leisure travel demand and tighter fleet inventory, in the auto rental company's first quarterly report since emerging from bankruptcy on June 30. The net loss for the quarter to June 30 narrowed to $168 million, or $1.05 a share, from $847 million, or $5.86 a share, in the year-ago period. Excluding nonrecurring items, such as $633 million of reorganization expenses, the company swung to adjusted earnings per share of $2.55 from a per-share loss of $3.51. Total revenue rose 125.1% to $1.87 billion, as Americas revenue grew 202.6% to $1.64 billion and international revenue increased 84% to $230 million. "With resurgent demand and tight supply across the industry, we remained agile in managing our fleet to meet customers' needs," said Chief Executive Paul Stone. "At the same time, we benefited from the important operational and financial improvements we made through our restructuring process." The stock, which trades over the counter, closed Friday at $16.44, down 39.1% since closing at $26.99 on July 1, the first day since emerging from bankrupty.

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