Hertz posted its 2022 third quarter outcomes on Oct. 27, noting whole revenues of $2.5 billion; internet earnings of $577 million; and adjusted company EBITDA of $618 million, a 25% margin.

Income was up 12% yr over yr. Hertz mentioned value-added providers “considerably elevated contribution” to that income. Month-to-month income per unit was a quarterly file of $1,685 on utilization of 80%. Hertz mentioned gross depreciation continued to normalize as the corporate progressed its fleet rejuvenation, and automotive gross sales positive factors got here in decrease versus the earlier quarter resulting from steeper than anticipated residual worth declines. Month-to-month internet depreciation per unit was $187.

Through the first two months of the quarter, Hertz ran with deliberately elevated upkeep prices to deal with out-of-service ranges. Because of this, by September, utilization had reached 81.4%, and upkeep price receded such that the enterprise skilled extra typical working prices. 

“Hertz posted one other quarter of stable efficiency, reflecting general energy in our enterprise and continued demand for our providers throughout all buyer segments,” mentioned Stephen Scherr, Hertz chief government officer. “I’m enormously pleased with the efficiency of our workforce, significantly our colleagues in southwest Florida, who confronted challenges from Hurricane Ian. Throughout geographies, we targeted on operational excellence and fleet optimization to supply monetary outcomes that facilitated funding in our strategic priorities, like electrification, whereas enhancing returns to our shareholders and being within the service of our prospects.”