BUZZ-Hertz falls after missing fourth quarter results estimates
Car rental company Hertz Global Holdings' shares HTZ.O fall 9.3% to $3.86 in early trading
Hertz posted lower-than-expected quarterly loss and revenue amid a vehicle fleet rotation aimed at normalizing depreciation costs
Fleet rotation is expected to complete by year-end
Q4 adj. loss $1.18 per share vs. analysts' estimated loss 71 cents per share - LSEG compiled data
Q4 revenue of $2.04 bln vs estimate of $2.12 bln
Co noted loss on sales experienced in Q4 was largely driven by the impacts of higher-than-normal defleeting, which includes servicing and maintenance to prepare vehicles for resale
"Q4 depreciations were clouded by the sale of vehicles, and it is likely this will continue into Q1 (2025) a bit as we continue to accelerate our fleet rotation" - Hertz CEO Gil West said in quarterly earnings call
In 2024, stock had fallen 64.8%
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