Proactive Investors - Hertz Global (NYSE:NASDAQ:HTZ) Holdings Inc. stock skidded to a new low on Tuesday morning after the car rental firm posted worse-than-anticipated losses for the fourth quarter.
Losses hit US$348 million over the three months to December, Hertz revealed Monday, compared to US$116 million a year earlier.
This equated to a US$1.14 loss per share, against a US$0.01 deficit in the fourth quarter of 2022.
Adjusted per-share losses sat at US$1.36 meanwhile, which was worse than the FactSet consensus of US$1.05.
Though hailing solid overall demand over the quarter, chief executive Stephen Scherr said Hertz “continued to face headwinds related to [its] electric vehicle fleet and other costs”.
This follows news in January that the firm was planning to sell 20,000 electric vehicles from its fleet, as consumer demand for the internal combustion engine alternatives appears to have stalled.
Reports from the Financial Times suggest Hertz has also moved to pause a deal with manufacturer Stellantis (NYSE:STLA) for some 65,000 vehicles amid worsening conditions.
Over the full year, Hertz’s revenue climbed 8% to US$9.4 billion, while net income fell over two-thirds to US$616 million.
Shares fell 5% to a new low of US$7.79 as the market opened, before climbing later on.