Hertz Global Holdings Inc (NYSE:HTZ) had an underwhelming quarter that saw shares slide after the bell Monday.
The car rental service provider reported revenue of $2.1 billion for its first quarter of fiscal 2018, marking an 8% surge compared to the year-ago quarter. The company’s losses before income taxes for the period was $231 million, better than the $294 million from the year-ago period.
Net less for Hertz was $202 million during its first quarter, or $2.43 per share, which was narrower than the $223 million it lost during the year-ago quarter, or $2.69 per diluted share. On an adjusted basis, the company’s loss came in at $131 million, or $1.58 per diluted share, compared to the year-ago adjusted net loss of $134 million, or $1.61 per diluted share.
The company’s U.S. operational improvement initiatives were on the up and up in most key performance metrics, such as absolute and unit revenues, unit vehicle depreciation costs, vehicle utilization and time and mileage pricing. Adjusted corporate EBITDA was better by $51 million compared to the year-ago quarter.
“We entered 2018 a stronger company than one-year ago with positive underlying revenue momentum as our strategies to enhance fleet, customer service and brand value are gaining traction,” said Kathryn V. Marinello, president and CEO of Hertz.
“At the same time, we have fortified our leadership team and are managing our assets more effectively. The early progress is motivating for our employees and being recognized by our customers.”
HTZ stock fell about 6.6% after hours despite gaining 3.7% during regular trading hours.