Hertz Outperforms Profit Estimates Amidst Travel Boom

Rental car giant Hertz Global Holdings, Inc. is the latest travel supplier to best its second-quarter profit projections amid this summer’s travel boom.

On Thursday, Hertz, which operates the namesake brand as well as Dollar and Thrifty, reported second-quarter revenue of $2.4 billion, net income of $139 million and adjusted corporate EBITDA of $347 million.

Hertz reported that volume increased 12 percent year over year while average fleet was up 9 percent. Nonetheless, the company’s total expenses rose 86 percent to $2.28 billion in the quarter.

“Results for the second quarter were strong, reflecting continued high demand for our services and elevated levels of fleet utilization,” said Stephen Scherr, Chair and CEO of Hertz.

“Our focus on asset returns continues to yield tangible results, enabling us to advance the growth of our rideshare business and the revitalization of the Dollar brand, in addition to facilitating ongoing investments in technology and electrification,” Scherr added. “Through the hard work and dedication of Hertz employees, we are positioned well to serve our customers through the busy summer season.”

Hertz’s promising second-quarter financial results mirror those of airlines and hotel giants such as Delta Air Lines and Hilton, among others.