Hertz Tops Estimates as Q2 Revenue Hits $2.4 Billion

Hertz Global reported second-quarter results on Wednesday that came in ahead of Wall Street expectations, sending shares up roughly 11% in premarket trading. Revenue totaled $2.4 billion, up 10% from a year earlier, driven by the company's strongest second-quarter revenue per day on record outside the 2022 pandemic peak.

GAAP net income was $64 million, or $0.05 per diluted share, while the adjusted net loss of $47 million, or $(0.11) per share, was far narrower than the roughly $(0.23) analysts had expected. Adjusted corporate EBITDA of $81 million improved $63 million year over year and exceeded the top end of the company's revised guidance.

Management pointed to strong pricing, with revenue per unit up 8% and revenue per day up 9%, as evidence the rental-car operator's turnaround effort is gaining traction heading into the back half of the year.