Hertz eyes summer bankruptcy exit, posts $1.2B Q4 revenue

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Hertz Global Holdings reported $1.2 billion in fourth-quarter revenue, down from $2.3 billion in the fourth quarter of 2019, the company announced in an earnings release. The car rental company reported a quarterly net loss of $289 million and an adjusted EBITDA loss of $140 million, but said it continued to see sequential monthly revenue improvement from April through December 2020.

Hertz achieved cost savings of approximately $3 billion during the year and downsized the fleet to match expected demand entering into 2021, according to the company.

Hertz has a goal of exiting bankruptcy by "mid to late summer," Hertz Global president and CEO Paul Stone in a statement. "We are making significant headway on our U.S. Chapter 11 process," he said. "We are on track to close on the sale of our Donlen vehicle leasing and fleet management business in March 2021 and are making progress on our plan of reorganization with the goal to emerge from Chapter 11 by mid to late summer." Hertz filed for Chapter 11 bankruptcy in May 2020.

For full-year 2020, Hertz earned $5.3 billion in revenue, down from $9.8 billion in 2019. Net loss amounted to $1.7 billion and Adjusted EBITDA loss was $995 million. Liquidity at the end of 2020 amounted to $1.1 billion.

Source: Business Travel News

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