Hertz reported a $1.2 billion net loss in the fourth quarter, as the company was hit with a non-cash impairment charge of $985.2 million after taxes.
The charge was related to a depreciation of the company's goodwill and other intangible assets.
"This charge does not affect normal business operations or compliance with any of the company’s financial covenants," Hertz said.
Hertz also took a $94.3 million restructuring charge related to costs associated with job cuts and the closure of rental locations.
For the quarter, Hertz's revenue was down 15%, to $1.79 billion. The company's pre-tax adjusted loss for worldwide car rentals was $66.7 million, compared with a pre-tax adjusted profit of $124.1 million last year.
"Although there was an adjusted pre-tax loss for the quarter, we made significant progress towards achieving our objective of right-sizing the business to economic conditions," said Hertz CEO Mark Frissora.
