by Lacey Pfalz
Last updated at 11:35 AM ET on Thu April 27, 2023
Hertz reported total revenues of $2 billion for the first quarter, with corporate and leisure travel being the main drivers of the 13 percent increase year-over year.
The rental car giant has reported an adjusted EBITDA (or earnings before interest, tax, depreciation, and amortization) for the company of $237 millions and a net profit of $126million.
Hertz also saw an increase of seven percent in revenue per unit, or $1,409, during the third quarter.
Stephen Scherr is the chairman and CEO of Hertz. He said that the company’s first-quarter results were strong, reflecting the continued growth in demand in all customer segments, and the sustained pricing in both the U.S.A. and abroad. Our continued investments, especially in areas such as technology and electrification are improving our operations, extending reach in rideshare and enabling the rejuvenation of our value brands. All of this is done with the aim of delivering sustainable returns to our shareholders. We are looking forward to providing our customers with excellent service during the summer season.”
