Hertz Global Holdings reported a net loss of $443 million for the first quarter of 2025, compared to a net loss of $186 million in Q1 2024. Total revenues decreased by 13% year-over-year to $1.81 billion, falling short of analyst estimates. The Adjusted Corporate EBITDA loss improved to $325 million from a $567 million loss in Q1 2024, indicating some progress in cost management.
The company announced a $250 million At The Money (ATM) equity offering, intended for deleveraging, which could lead to shareholder dilution. Despite the revenue decline, Hertz highlighted significant progress in its 'Back-to-Basics Roadmap,' particularly in fleet management.
Depreciation Per Unit (DPU) improved to $353 in Q1 2025, a 40% decrease from $588 in Q1 2024. Hertz now expects DPU to be below $300 by Q2 2025, an acceleration from its previous year-end 2025 target, driven by proactive securing of model year 2025 vehicles and strengthening residual values. The company also reported its strongest-ever quarter for retail vehicle sales.
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