News

Hertz Global Holdings Reports Fourth Quarter 2017 and Full-Year Financial Results

Hertz Global Holdings Reports Fourth Quarter 2017 and Full-Year Financial Results

Hertz Global Holdings, Inc. has reported results for its fourth quarter and year ended 31st December 2017, with worldwide revenue increasing 4% in the fourth quarter, while net income in the fourth quarter was $616 million, including a one-time benefit of $679 million related to US tax reform.

“The company’s top priority in 2017 was to design and launch an operational improvement plan that would drive sustainable, profitable revenue growth,” said Kathryn Marinello, President and Chief Executive. “In the first half of the year, we right-sized our fleet and began upgrading vehicle quality, redesigned operating processes, including our Ultimate Choice offering, and deployed smart systems for revenue management. In the second half, our performance reflected positive momentum against these initiatives.

“In 2018, we expect to see continued progress from our US improvement programmes. However, we will also have elevated investments throughout the year as we implement several major technology conversions. By 2019, we should begin to evolve toward a more competitive earnings profile.”

For the fourth quarter 2017, total revenues were US$2.1 billion, a 4% increase versus the fourth quarter 2016. Loss before income taxes for the fourth quarter 2017 was $179 million versus a loss of $466 million in the same period last year. Fourth quarter 2017 net income was $616 million, or $7.42 per diluted share, which included a one-time benefit of $679 million related to US tax reform, compared with a net loss from continuing operations of $438 million during the fourth quarter 2016, or $5.28 per diluted share. The company reported adjusted net loss for the fourth quarter 2017 of $64 million, or $0.77 adjusted diluted loss per share, compared with adjusted net loss of $59 million, or $0.71 adjusted diluted loss per share, for the same period last year. Adjusted Corporate EBITDA for the fourth quarter 2017 was $21 million, compared to $12 million in the same period last year.

For the full-year 2017, Hertz Global reported net income of $327 million, or $3.94 per diluted share, including the one-time benefit related to US tax reform, compared with net loss from continuing operations of $474 million, or $5.65 per diluted share, for 2016. Total revenues for 2017 were unchanged from 2016 at $8.8 billion. The company reported adjusted net loss for 2017 of $132 million, or $1.59 adjusted diluted loss per share, compared with adjusted net income of $41 million, or $0.49 adjusted diluted earnings per share, for the same period last year. Adjusted corporate EBITDA for 2017 was $267 million, versus $553 million for 2016.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 52 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 42 years.

More in News

Romantic Destinations from TUI Ireland

Michael FloodFebruary 15, 2019

Topflight Adds Cork and Belfast to Sorrento Programme

Neil SteedmanFebruary 15, 2019

Hainan Airlines is Looking for an Account Manager

Michael FloodFebruary 15, 2019

Silversea Introduces Zero Single Supplement on 14 Voyages

Michael FloodFebruary 15, 2019

Irish Ferries Invests €4 Million in Ulysses Upgrade

Michael FloodFebruary 14, 2019

First Sod Turned on Dublin Airport’s New North Runway



Neil SteedmanFebruary 14, 2019

Airbus to Cease A380 Deliveries in 2021

Neil SteedmanFebruary 14, 2019

Qantas Appoints New Regional General Manager, Issues New Premier Titanium Mastercard

Neil SteedmanFebruary 14, 2019

European Commission Approves Acquisition of Joint Control Over Virgin Atlantic by Air France-KLM, Delta and Virgin Group

Neil SteedmanFebruary 14, 2019

Copyright © 2016 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland