Hertz stock falls after quarterly loss, but rental-car company says it saw ‘recovery’ in travel demand

Shares of Hertz Global Holdings Inc. fell about 1% in the extended session Wednesday after the rental-car company reported a quarterly loss. Hertz said it lost $260 million, or $1.52 a share, in the fourth quarter, compared with a loss of $289 million, or $1.85 a share, in the year-ago period. Adjusted for one-time items, Hertz earned 91 cents a share. Revenue rose 78% to $1.95 billion, the company said, pinning the increase on “disciplined fleet management and a continued recovery in travel demand.” FactSet consensus called for earnings of 74 cents a share on sales of $1.97 billion for Hertz. The company went through “sustained structural improvements” and its fleet management “contributed to a strong performance across our top and bottom line, despite the challenges presented by COVID, supply-chain constraints and labor shortages,” Hertz interim Chief Executive Mark Fields said in a statement.

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