Hertz Beats Profit Estimates on Resurgent Demand for Travel
- CEO sees continued recovery in corporate, leisure demand
- Drop in used-car prices hits profits in last quarter of 2022
A plane flies above a Hertz Global Holdings Inc. location at Los Angeles International Airport.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Hertz Global Holdings Inc. is seeing a rebound in corporate and leisure travel toward pre-pandemic levels, boosting shares even as profits are pinched by lower used-car prices.
Hertz earned 50 cents a share in the fourth quarter, it said in a statement Tuesday, surpassing analysts’ consensus estimate of 47 cents. Lower used-car prices helped pull down profits, which declined 45% from the year-earlier period.