Vehicle rental company Hertz Global Holdings Inc (NASDAQ: HTZ) reported second-quarter revenue growth of 25% year-over-year to $2.34 billion, missing the consensus of $2.39 billion.
Adjusted EPS was $1.22 (-52% Y/Y), beating the consensus of $1.18.
Adjusted Corporate EBITDA increased by 20% Y/Y to $764 million, and margin contracted by 100 bps to 33%.
Average Vehicles increased by 22% Y/Y, and Average Rentable Vehicles increased by 18% for the quarter.
Vehicle Utilization was flat at 79%. Total RPD increased 7% Y/Y to $66.66.
Americas RAC segment revenues increased 20% Y/Y to $1.97 billion, and International RAC increased 61% Y/Y to $371 million.
Hertz completed the $2 billion share repurchase program announced in November 2021, having repurchased 97.8 million cumulative shares.
The company also authorized a new $2 billion program and repurchased 46.9 million common shares during the quarter, with $1.8 billion remaining under the new plan as of July 21, 2022.
The company held cash and equivalents of $1.6 billion as of June 30, 2022.
HTZ’s net cash provided by operating activities year-to-date totaled $1.33 billion, compared to $465 million a year ago. Adjusted free cash flow was $563 million.
Price Action: HTZ shares are trading higher by 16.76% at $20.34 on the last check Thursday.
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