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Hertz (HTZ) Q1 Loss Narrower-Than-Expected, Revenues Lag
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Hertz Global Holdings, Inc (HTZ - Free Report) incurred adjustedloss of 99 cents per share in the first quarter of 2019, narrower than the Zacks Consensus Estimate of a loss of $1.32. Moreover, the amount of loss decreased on a year-over-year basis. Solid pricing, volume growth and efficient fleet management benefited results.
Quarterly revenues came in at $2.11 billion, missing the Zacks Consensus Estimate of $2.17 billion. However, the top line improved 2.1% on impressive performance of the U.S. Rental Car segment.
Segmental Performance
In the quarter under review, the U.S. Rental Car segment generated revenues of $1.52 billion, up 7% year over year. This upside can be attributed to expanded volumes and favorable pricing.
Vehicle utilization remained flat at 79% in the quarter. In first-quarter 2019, direct vehicle operating and selling, general and administrative costs (as a percentage of total segmental revenues) increased 20 basis points to 72% in the reported quarter.
The International Rental Car segment generated revenues of $433 million, down 7% year over year. Segmental revenues were flat excluding foreign currency impact. Total revenue per transaction day (RPD) dipped 2% to $42.56 million.
Segmental direct vehicle operating and selling, general and administrative costs (as a percentage of total segmental revenues) rose to 78% from 77% a year ago. Revenues from all other operations dropped 9% to $154 million.
Hertz Global Holdings, Inc Price, Consensus and EPS Surprise
Hertz Global exited the first quarter with cash and cash equivalents of $554 million compared with $1.13 billion at the end of 2018. Restricted cashat the end of the quarter totaled $452 million compared with $283 million at the end of 2018.
As of Mar 31, 2019, total debt amounted to $17.26 billion compared with $16.32 billion as of Dec 31, 2018. Cash flows provided by operating activities during the first quarter totaled$514 million compared with $401 million in the prior-year period.
Each of the companies flaunts a stellar earnings history. While SkyWest and GATX have surpassed estimates in all the trailing four quarters, CSX beat estimates in three of the last four quarters.
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Hertz (HTZ) Q1 Loss Narrower-Than-Expected, Revenues Lag
Hertz Global Holdings, Inc (HTZ - Free Report) incurred adjustedloss of 99 cents per share in the first quarter of 2019, narrower than the Zacks Consensus Estimate of a loss of $1.32. Moreover, the amount of loss decreased on a year-over-year basis. Solid pricing, volume growth and efficient fleet management benefited results.
Quarterly revenues came in at $2.11 billion, missing the Zacks Consensus Estimate of $2.17 billion. However, the top line improved 2.1% on impressive performance of the U.S. Rental Car segment.
Segmental Performance
In the quarter under review, the U.S. Rental Car segment generated revenues of $1.52 billion, up 7% year over year. This upside can be attributed to expanded volumes and favorable pricing.
Vehicle utilization remained flat at 79% in the quarter. In first-quarter 2019, direct vehicle operating and selling, general and administrative costs (as a percentage of total segmental revenues) increased 20 basis points to 72% in the reported quarter.
The International Rental Car segment generated revenues of $433 million, down 7% year over year. Segmental revenues were flat excluding foreign currency impact. Total revenue per transaction day (RPD) dipped 2% to $42.56 million.
Segmental direct vehicle operating and selling, general and administrative costs (as a percentage of total segmental revenues) rose to 78% from 77% a year ago. Revenues from all other operations dropped 9% to $154 million.
Hertz Global Holdings, Inc Price, Consensus and EPS Surprise
Hertz Global Holdings, Inc Price, Consensus and EPS Surprise | Hertz Global Holdings, Inc Quote
Balance Sheet and Cash Flow
Hertz Global exited the first quarter with cash and cash equivalents of $554 million compared with $1.13 billion at the end of 2018. Restricted cashat the end of the quarter totaled $452 million compared with $283 million at the end of 2018.
As of Mar 31, 2019, total debt amounted to $17.26 billion compared with $16.32 billion as of Dec 31, 2018. Cash flows provided by operating activities during the first quarter totaled$514 million compared with $401 million in the prior-year period.
Zacks Rank & Other Key Picks
Hertz Global carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the broader Transportation sector include CSX Corporation (CSX - Free Report) , GATX Corporation (GATX - Free Report) and SkyWest, Inc. (SKYW - Free Report) . While SkyWest sports a Zacks Rank #1 (Strong Buy), CSX and GATXcarry a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Each of the companies flaunts a stellar earnings history. While SkyWest and GATX have surpassed estimates in all the trailing four quarters, CSX beat estimates in three of the last four quarters.
Radical New Technology Creates $12.3 Trillion Opportunity
Imagine buying Microsoft stock in the early days of personal computers… or Motorola after it released the world’s first cell phone. These technologies changed our lives and created massive profits for investors.
Today, we’re on the brink of the next quantum leap in technology. 7 innovative companies are leading this “4th Industrial Revolution” - and early investors stand to earn the biggest profits.
See the 7 breakthrough stocks now>>