Hertz Global Holdings Inc said on Tuesday it expects revenue to rise sequentially in the second and third quarters of this year on the back of strong demand for rental cars in the face of economic worries.
Hertz car rental logo is seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustrationsaid on Tuesday it expects revenue to rise sequentially in the second and third quarters of this year on the back of strong demand for rental cars in the face of economic worries.
The company's shares rose 8% in early afternoon trading and were on course for their best day since August after Hertz said it expects revenue in the current quarter, which usually sees a seasonal dip, to remain flat compared with the fourth quarter. "I think they were more upbeat about the revenue trajectory than I expected," Northcoast Research Partners analyst John Healy said.
The car rental industry, tied closely to airline traffic and hotel bookings, has benefited from pent-up desire to travel and explore after an easing of coronavirus restrictions even as inflation remains high. However, Hertz's profitability had been pressured as it incurred high maintenance costs to address out-of-service levels. But executives allayed such fears on an investor call.
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