by Lacey Pfalz
Last updated: 11:35 AM ET, Thu April 27, 2023
Hertz reported a total revenue of $2 billion during the first quarter of the year, citing corporate and leisure travel demand to be main factors in the thirteen percent year-over-year increase.
The rental car giant reported an adjusted corporate EBITDA (or earning before interest, taxes, depreciation and amortization) of $237 million and an adjusted net income of $126 million.
Additionally, Hertz saw a seven percent year-over-year increase in monthly revenue per unit during the quarter, which was $1,409.
"Hertz posted strong results in the first quarter, reflecting continued growth in demand across all customer segments and sustained pricing both in the U.S. and abroad," said Stephen Scherr, Hertz chair and chief executive officer. "Our continued investments in the business, particularly in the areas of technology and electrification, are improving our operational cadence, extending our reach in rideshare, and enabling the revitalization of our value brands, all with a view toward delivering sustainable returns for our shareholders. We look forward to serving our customers with excellence during the upcoming summer season."
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